Cabinet approves IT Act amendment, 60% tax on undisclosed deposits

Cabinet approves IT Act amendment, 60% tax on undisclosed deposits ,Late on Thursday night, the Union Cabinet approved to an amendment to the Income Tax Act, which will substantially reduce the penalty levied on high-value deposits made. According to the latest reports, a new tax rate of 60% may be levied on previously undisclosed deposits. The Modi government had, while announcing the

demonetisation policy on 8 November, also announced that any mismatch between the deposited sum and income declared would attract up to 30% income tax and 200% of tax liability as penalty.