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Old 11-30-2016, 08:55 AM
Alka Thakur Alka Thakur is offline
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Join Date: Nov 2015
Posts: 362
Default 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.

 


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