Post raids, Black Money holders need to bear the burden of 137.25 percent (60% tax, 60% penalty, 15 percent surcharge and 3 percent education cess) in taxes and penalties if they fail to explain the source of undisclosed income.
If the individual admits not coming into tax bracket during raids and pays the tax before the specified date, Then he/she might have to pay anywhere around 107.25 percent (60% tax, 30% penalty, 15% surcharge and 3 percent education cess).
Centre introduced Pradhan Mantri Garib Kalyan Yojana 2016 offering Black Money holders one more chance. Tax Evaders could pay 50% percent of black money in bank deposits to centre using this scheme. While 25% can be used now, the balance 25% will be offered only after four years without interest. This scheme will end on March 31st, 2017.
If the individual admits not coming into tax bracket during raids and pays the tax before the specified date, Then he/she might have to pay anywhere around 107.25 percent (60% tax, 30% penalty, 15% surcharge and 3 percent education cess).
Centre introduced Pradhan Mantri Garib Kalyan Yojana 2016 offering Black Money holders one more chance. Tax Evaders could pay 50% percent of black money in bank deposits to centre using this scheme. While 25% can be used now, the balance 25% will be offered only after four years without interest. This scheme will end on March 31st, 2017.