Begin typing your search above and press return to search.
IT Amendment Bill tabled in Lok Sabha: Key Points!
By: Tupaki Desk | 28 Nov 2016 10:49 AM GMT
Union Finance Minister Arun Jaitley on Monday tabled the Income Tax amendment bill in Lok Sabha.
According to the new IT Act, A total tax, penalty and surcharge of 50 percent will be levied on the undisclosed income deposited in the bank accounts post the launch of demonetization. Whereas, Those who don't disclose unaccounted income but got caught will have to pay a higher tax and penalty of up to 85 percent.
People who declared their unaccounted money in denominations of Rs 500 and Rs 1000 under the Pradhan Mantri Grabi Kalyan Yojana 2016 should pay a 30 percent tax, 10 percent penalty and surcharge named as PMGK Cess at a rate of 33 percent of 30 percent tax. In addition, 25 percent of the undisclosed income should be deposited in the anti-poverty scheme to be launched by Government for using it for Education, Irrigation, Housing, Health, Infrastructure and etc., The amount won't be allowed to be withdrawn until four years and even interest wouldn't be paid. Which means, People will be permitted to withdraw only 25% of the total amount now.
People who doesn't declare unaccounted money and are caught will have to bear 60 percent tax and surcharge of 25 percent of the tax (15 percent). The concerned officer could also levy an penalty of 10 percent as well. In that way, 85% tax will be collected.
According to the new IT Act, A total tax, penalty and surcharge of 50 percent will be levied on the undisclosed income deposited in the bank accounts post the launch of demonetization. Whereas, Those who don't disclose unaccounted income but got caught will have to pay a higher tax and penalty of up to 85 percent.
People who declared their unaccounted money in denominations of Rs 500 and Rs 1000 under the Pradhan Mantri Grabi Kalyan Yojana 2016 should pay a 30 percent tax, 10 percent penalty and surcharge named as PMGK Cess at a rate of 33 percent of 30 percent tax. In addition, 25 percent of the undisclosed income should be deposited in the anti-poverty scheme to be launched by Government for using it for Education, Irrigation, Housing, Health, Infrastructure and etc., The amount won't be allowed to be withdrawn until four years and even interest wouldn't be paid. Which means, People will be permitted to withdraw only 25% of the total amount now.
People who doesn't declare unaccounted money and are caught will have to bear 60 percent tax and surcharge of 25 percent of the tax (15 percent). The concerned officer could also levy an penalty of 10 percent as well. In that way, 85% tax will be collected.
