Monthly Archives: November 2016

New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits

New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits The government is likely to introduce an amendment in the income-tax law in next week under which people can voluntarily deposit cash that can’t be accounted for in banks will face a tax of 50% and have a fourth […]

Income tax Department will call details of high value deposit from banks and post offices

Income tax Department will call details of high value deposit from banks and post offices Income Tax Department is ready to follow-up demonitisation action After Two Weeks of Prime Minister Narendra Modi’s aggressive demonetisation move, and a hair-raising Rs 21,000 crore of deposits slipping into poor people’s Jan Dhan account, the income tax department is […]

Unaccounted deposits after demonetisation likely to attract up to 60% tax

Unaccounted deposits after demonetisation likely to attract up to 60% tax Cabinet approves IT Act Amendments NEW DELHI: The union cabinet is understood to have approved amendments to the income-tax laws late on Thursday, clarifying the tax liability on deposits of cancelled Rs 500 and Rs 1,000 notes in bank accounts after the November 8 […]