Announcement

Collapse
No announcement yet.

Latest India Tax News 30th November 2016

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Latest India Tax News 30th November 2016

    • FM Tables Income Tax Amendment:
    1. Proposes Tax of 30%, Penalty of 10% & Surcharge of 33% on Tax of Undisclosed Income coming to light out of Demonetization. (Totaling to 49.9%). Surcharge named Pradhan Mantri Garib Kalyan Cess.
    2. Further 25% of Undisclosed Income will be kept in a Deposit Scheme with bank in consultation of RBI, modalities to be decided later.
    3. A 75% tax and 10% penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetization.
    • Anti profiteering Clause in revised Model GST Act to ensure that Suppliers pass on benefit of lower rates or Input Tax Credit to consumers.
Working...
X