In the wake of Rs 21,000 crore deposits in Jan Dhan accounts in 13 days, Union Cabinet on Thursday night discussed about amending laws to levy up to 60 percent Income Tax on unaccounted deposits in banks above the limit since November 9th.
Government want to take stringent action on the benami deposits in Jan Dhan Accounts. However, There is no official confirmation from Centre on the policy decision taken during the meeting.
Centre is mulling to amend Income Tax Act during the ongoing Winter Session of Parliament. The Tax to be levied on undisclosed bank accounts could be much higher than 45 percent tax as per Income Disclosure Scheme which concluded on September 30th. Those Black Money holders who failed to use this provision should be prepared to pay close to 60 percent tax.
Buzz is that Government is considering the proposal to impose a limit on domestic gold holding.
Government want to take stringent action on the benami deposits in Jan Dhan Accounts. However, There is no official confirmation from Centre on the policy decision taken during the meeting.
Centre is mulling to amend Income Tax Act during the ongoing Winter Session of Parliament. The Tax to be levied on undisclosed bank accounts could be much higher than 45 percent tax as per Income Disclosure Scheme which concluded on September 30th. Those Black Money holders who failed to use this provision should be prepared to pay close to 60 percent tax.
Buzz is that Government is considering the proposal to impose a limit on domestic gold holding.