The Lok Sabha has passed The Taxation Laws (Second Amendment) Bill 2016 today, i.e. 29.11.2016.Through this bill, Income Tax Department will levy
- 30% tax on undisclosed income
- 10% penalty on undisclosed income
- 33% surcharge on the tax amount
i.e. totalling approximately 50% taxes on the disclosure of unaccounted deposits. Apart from the 50% tax, the declarer will also have to deposit 25% of the amount disclosed in the Pradhan Mantri Garib Kalyan Yojana, 2016 for a 4-year locking period and that too without interest.