By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NorthBridge TimesNorthBridge Times
  • Auto
    • Bikes
  • Entertainment
    • Bollywood
    • Celebrity
    • Hollywood
  • Events
  • Festival
    • Diwali
    • Holi
  • Sports
    • NBA
    • Basket Ball
    • Cricket
    • Hockey
  • Health
    • COVID-19
  • Technology
Search
© 2022 NorthBridge Times. All Rights Reserved.
Reading: IT Amendments Tabled in LS, Proposed 30% Tax, 10% Penalty and 33% Surcharge on Undisclosed Income
Share
Aa
NorthBridge TimesNorthBridge Times
Aa
Search
Follow US
© 2022 NorthBridge Times. All Rights Reserved.




Home – Politics

IT Amendments Tabled in LS, Proposed 30% Tax, 10% Penalty and 33% Surcharge on Undisclosed Income
PoliticsIndia

IT Amendments Tabled in LS, Proposed 30% Tax, 10% Penalty and 33% Surcharge on Undisclosed Income

Amandeep Singh
Amandeep Singh Published November 28, 2016
Last updated: 2016/11/28 at 3:59 PM
Share
3 Min Read
SHARE

IT Amendments: On one side, the government is facing the heat over the demonetization move as the opposition parties are protesting by marking today as ‘Jan-Aakrosh Divas’, saying that common people are suffering from the government’s demonetization move. On the other side, Government is not looking to change its stand on demonetization.

Contents
Amendments proposed in IT Act by Centre:The new IT amendment also proposes that 25% of the undisclosed income to be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme.

In an attempt to punish the Income defaulters, Government of India has revised the Income Tax(IT) Act and proposed some amendments.  And The Central government, on Monday tabled amendments to the Income Tax Amendment Bill in its bid to check large, unaccounted cash deposits post demonetisation.

IT Amendments Tabled in LS, Proposed 30% Tax, 10% Penalty and 33% Surcharge on Undisclosed Income

Amendments proposed in IT Act by Centre:

According to sources from PTI, the government has proposed 30% tax on undisclosed income, along with 10% penalty and 33% surcharge.  But this is only for the defaulters who willingly accept their fault and declare their unaccounted money and properties.

And for those, whom unauthorised properties and undisclosed income would be detected by the government authorities, a 75 percent tax and 10% percent penalty has also been proposed in case the Income Tax authorities detect undisclosed wealth deposited post demonetisation.

The new IT amendment also proposes that 25% of the undisclosed income to be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme.

IT Amendments Tabled in LS, Proposed 30% Tax, 10% Penalty and 33% Surcharge on Undisclosed Income

There may not be a blanket reprieve for anyone depositing demonetised notes up to Rs 2.5 lakh under the scheme being worked out by the government for those holding unaccounted cash.  Tax officials may look at all significant deposits of demonetised notes to see if there is unaccounted wealth or smaller deposits in a household in different family members’ accounts.

“There is a Rs 2.5 lakh exemption but if you have split (the money) and four family members have each deposited this amount, then it will need to be seen,” said a government official.

“We would be getting reports of all cash deposited during the period of November 10 to December 30 above a threshold of Rs 2.5 lakh in every account,” Revenue Secretary Hasmukh Adhia had said on November 10. “The department would do matching of this with income returns filed by the depositors. And suitable action may follow.”

You Might Also Like

John Fetterman beats Dr. Oz in Critical Pennsylvania Senate Race, Big win for Democrats

Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar

District Panchayat President Sapna Singh Distributed smartphones to Students

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

Diwali Crackers Harmful Effects: Top 6 Reasons Why You Should Give Up Bursting Crackers

TAGGED: Government of India, IT Act, Lok Sabha, Narendra Modi

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Amandeep Singh November 28, 2016
Share this Article
Facebook TwitterEmail Print
Share
Previous Article Arvind Kejriwal's inquisitive tweet targeted at BJP MP Mahesh Sharma receives a blunt reply from the minister Arvind Kejriwal’s inquisitive tweet targeted at BJP MP Mahesh Sharma receives a blunt reply from the minister
Next Article Captain Amarinder Singh Suspects Badals involvement in Nabha jailbreak, demands to handover the case to CBI Captain Amarinder Singh Suspects Badals involvement in Nabha jailbreak, demands to handover the case to CBI
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.




Latest News

Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Apple Current Worth is More Than Alphabet, Amazon and Meta Combined
Business Economy November 7, 2022
Stock Market: Asian Markets Looking Strong
Stock Market: Asian Markets Looking Strong
Economy Business November 7, 2022
Home Study Courses
Managing a Small Business: 5 Tips for Long Term Growth
Business May 7, 2022
Medical Supplies Can Protect You When You Work With Radiation
Which marketing techniques are likely to benefit your manufacturing business?
Business February 17, 2022

You Might also Like

John Fetterman defeats Dr. Oz
PoliticsUS News

John Fetterman beats Dr. Oz in Critical Pennsylvania Senate Race, Big win for Democrats

November 9, 2022
Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar
Politics

Shiv Sena leader ‘Sudhir Suri’ dies after being shot in Amritsar

November 5, 2022
District Panchayat President Sapna Singh Distributed smartphones to Students
Politics

District Panchayat President Sapna Singh Distributed smartphones to Students

November 4, 2022
Diwali Sandesh to Soldiers
IndiaFestival

Best Diwali Sandesh to Soldiers Greetings, Wishes, Messages to Indian Army

October 15, 2022

NBT

We influence 20 million users and is the number one business and technology news network on the planet.

Quick Link

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Advertise With Us
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
NorthBridge TimesNorthBridge Times
Follow US

© 2015-2022 NorthBridge Times. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?