logo
 

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income is admitted during search operations and that income substantiated.

The release also said, tax dodgers can come clean by paying 50 per cent on bank deposits post-demonetisation. It said, the Taxation Laws (Second Amendment) Act, 2016 has amended the penalty provisions in respect of search and seizure cases.


No Comments For This Post, Be first to write a Comment.
Leave a Comment
Name:
Email:
Comment:
Enter the code shown:


Can't read the image? click here to refresh

Todays Epaper

Latest Urdu News

Which political party will win the Huzurabad bypoll election?

TRS
Congress
BJP