All about Converting your Black Money to White – The New Declaration Scheme Proposed

By Paras Mehra November 29, 2016

Government has proposed to tax the black money @ 83% if caught. Further it has also came forward with new declaration scheme introduced to give another opportunity to the black money hoarders. The tax rate under IDS is 49.9% with 25% deposit for four year

Income Tax Penalty on Unaccounted Cash Deposit - 50% tax Penalty plus 4 year Lock-in

By Agam Gupta November 27, 2016

The proposed amendments to the Income-tax Act will enable the Income-tax officers, to levy a minimum of 50% tax and a 4-year lock-in of the half with zero percent instrument of the remaining of the disclosed unaccounted cash deposits.

Currency Ban: How penalty CANNOT be imposed on cash deposits in bank account under Income Tax Act, 1961

By Paras Mehra November 12, 2016

This article would discuss about the penal provisions and related aspects where government is claiming to levy 200% penalty on cash deposit in bank above 2.5 lakh with regard to currency ban in India.