Monday, November 28, 2016
The Centre on Monday introduced a Bill in Lok Sabha that gives another chance to tax defaulters to come clean by paying tax and penalties.
The amendment to the Income Tax Act is a proposal to impose 50 per cent tax on undeclared income that is voluntarily disclosed till December 30 following which 82.5 per cent could be levied on undeclared income detected by authorities. It is intended to supplement the demonetization move said Finance Ministry in a statement. The proceeds made a part of the Padhan Mantri Garib Kalyan Yojana – will be used to fund schemes for providing irrigation, housing, toilets, infrastructure, primary education, health and livelihood.
Revenue Secretary Hasmukh Adhia said no questions would be asked about the source of funds for disclosures under the scheme. It would ensure immunity from wealth tax, civil laws and other taxation laws, he said.