Those who deposited their black money in banks, disclosing it to be untaxed wealth, since the government announced demonetisation will now have to pay income tax at 50% and a quarter of the portion of the unaccounted income would remain with the government for four years, as per amendments planned to the Income Tax Act by the Centre.
The amendments will be tabled in Parliament for approval by Monday or Tuesday, a top government official said on Friday.
According to the amendments planned, those who deposit their unaccounted income in banks till the last date would have to pay a 50% tax and will have to forgo 25% of the deposited amount for four years. Those who do not disclose their black money and are caught by income tax (I-T) officer would have to pay 60% tax and 30% penalty, the official said.
The government announced demonetisation of the old series Rs 500 and Rs 1,000 currency notes on November 8. Those who possess money in these denominations were allowed to exchange it for new notes at banks till Thursday, or deposit the sum in their accounts till December 30.
The amendments to the I-T Act were approved by the Union Cabinet on Thursday. The sum that a black money holder will have to forgo for four years may be invested in zero-rated bonds, sources said. But there was no clarity about this yet.
Responding to reports, sources in the government also clarified it had no intention of imposing any limit of holding of gold.
Black money holders who availed of the recent window had to pay 45% of the money to the government, comprising 30% income tax, 7.5% penalty and surcharge each. The tax is to be paid in three instalments — 25% of the total tax, cess and penalty by November 30, an equivalent amount by March 30 next year and 50%^by September 30.
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