Demonetisation: Unaccounted deposits in old notes to attract 50% tax, 4-year lock-in period

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…

Govt likely to levy 60% tax on unaccounted bank deposits

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…

Currency Ban: Income tax Notices for Suspicious Cash Deposits

The Income Tax Department has begun to send notices to those who made deposits at banks that exceeded Rs 2.5 lakh. Hundreds of notices seeking the source of the money were issued after banks reported cases of “unusual or suspicious volumes of cash deposits” since the Centre’s decision to demonetise Rs 500 and…