Unaccounted Deposits May Face 50 Percent Tax and 4 Years Limit

Recently Union Government discussed some new laws for the unaccounted deposits. In two weeks after Rs 500 and Rs 1000 notes ban, people deposited almost over Rs 21000 Crore inJan Dhan accounts which were zero balance.

So after Bank’s reports, Government took this step. Government may lay 60 per cent tax on the unaccounted deposits. Now, as per new amendment, here check the highlights of laws from Central Govt:

People who deposits old notes above a limit and they declare it to IT Dept., will get a 50 per cent tax.

While remaining 50 per cent or 25 per cent original amount will not be withdrawn for four years.

However, if person do not declare assesses voluntarily and IT Department discovers it, then it will impose 90 per cent tax and penalty.

If the black money holder explains for the seized cash, then he will get 30 per cent fine. Otherwise he need to pay 60 per cent fine.

Unacconted deposits will get 50 percent tax and 4 years seize
Unacconted deposits will get 50 percent tax and 4 years seize

Even, Government also proposed a new scheme Pradhan mantra Garib Kalyan Yojana. It will allow deposits in old notes with 50 percent tax penalty.

PM Narendra Modi banned Rs 500 and Rs 1000 notes on 8th November to eliminate corruption and black money. Government allotted 50-day time for depositing the old notes. One person can exchange 4000 rupees in one time.

The exchange, which was later limited to a maximum of Rs. 2,000 per person, has been withdrawn this week and all old notes must now be deposited in bank accounts.

Reportedly in Just two weeks, zero balance Jan Dhan accounts deposited with Rs 21000 Crore.  Yesterday PM Modi said, “Some people criticising the demonetisation don’t have a problem with the government’s preparedness; their problem is that they didn’t get time to prepare.”

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