Money bill to tax black money holders proposed
Published in
1 min readNov 28, 2016
- Finance Minister Arun Jaitley has tabled a money bill in Parliament to amend IT laws to deal with the demonetization issue.
- Under the proposed rules, people will face 30% tax on undisclosed income, along with 10% penalty and 33% surcharge and will deposit 25% of undisclosed income in a deposit scheme.
- There would be 75% tax and 10% penalty if authorities discover any discrepancies.
