Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught The Taxation Laws (Second…
Unaccounted deposits made in old currencies up to December 30 will attract a 50 per cent tax and a lock-in about four years if it is declared to the Income Tax Department, sources in the government said on Friday, as the central government continues to plug holes 20 days after it announced that high-value currency…
The Union Cabinet on Thursday is learnt to have cleared significant amendments in the Income-Tax Act fixing the quantum of levy of high penalty on “unaccounted” funds deposited in banks after implementation of demonetisation on November 8. Prime Minister Narendra Modi held a meeting of the Cabinet on Thursday…
The finance ministry on Thursday had relaxed the rules for wedding and farm withdrawals, with the ceiling fixed at Rs 2.5 lakh per wedding, per family. “In absence of operational guidelines from the RBI, we are unable to give Rs 2.5 lakh for marriage purposes. We are awaiting direction from the RBI,” said Punjab…