Centre to impose heavy tax on unaccounted deposits
The Central government is contemplating to impose heavy tax on unaccounted deposits in banks and post offices. About Rs 21,000 crore were deposited in Jan Dhan accounts after currency ban came into effect. According to the sources, a decision was taken in the cabinet to collect 30 per cent tax and 30 per cent penalty if customers fail to show valid documents for deposits. But, the Modi government did not make cabinet decisions public as Parliament session is on. To impose penalty, the Centre has to make amendments to Income Tax Act in Parliament.
Tags: Heavy Tax, Unaccounted Deposits, Banks, Post Offices, Jan Dhan Accounts, Penalty,
Sat, Nov 26, 2016, 08:07 AM
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