How will the unaccounted money or the money collected from demonetization within this period of 09/11/2016 to 30/12/2016 will be taxable? or what will be the tax rate? Whether the income tax laws has concerned section?
As till date there is no such provision in the Income Tax Laws, so Government of India proposes to amend the income tax law by making the amendments as follows:-
1. Those who declares unaccounted money within this period of 09/11/2016 to 30/12/2016 :
To deposit tax at the rate of 30 % and 3 % surcharge of (30% of tax) and 10% penalty which adds to total 50% of unaccounted money/ black money and deposit the said figure to Pradhan Mantri Garib Kalyan Yojna (PMGKY) 2016.
2. Those who found caught:
To deposit of 60 % tax and 25% surcharge of (60 % of tax) i.e 15 % , with addition of 10 % of penalty with accumulates to 85% of black money or unaccounted money.
Hence, the person, whosoever deposited or not deposited will be taxable as per above tax rate.