The Lok Sabha, today (29-11-2016) passes  Finance Bill to amend Income Tax to impose of tax on deposits made post demonetization (post 08-11-2016 deposits of Rs.1000 & Rs.500 notes) without debate.

The government on Monday had proposed to levy a total tax, penalty and surcharge of 50% on the amount deposited post demonetization while higher taxes and stiffer penalty of up to 85% await those who don’t disclose but are caught.

For more details please see our earlier post in this regard. Please click the link below to read more about the Finance Bill.

Pay 50% Tax, Lock 25% for 4 years on your unaccounted money