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How Black Money Deposited In Bank Account Will Be Taxed?
The new Bill has been introduced in the Parliament to ensure that defaulting assesses are subjected to tax at a higher rate and stringent penalty provision.
The government on Monday introduced a bill in the Lok Sabha with an aim to amend income tax laws to curb tax evasion.
"The new Bill has been introduced in the Parliament to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision", the govt release said.
What are the penalties under Section 270A of Income Tax act?
Under-reporting of income will be applicable at 50% of tax. Misreporting will be applicable at 200% of tax
Under-reporting and misreporting of income is normally the difference between returned income and assessed income. There is no proposal to change penalties under this section.
Income Tax under deduction 115BBE
In cases where there is unexplained credit, investment, cash and other assets. Earlier, there was a flat rate of tax applicable 30% + surcharge + cess where no expense, deductions, set-off is allowed.
Now, it is applicable at a flat rate of tax at 60% + surcharge at 25% of tax which will be 15% of such income. So total incidence of a tax is 75%.
With addition to that, if Assessing Officer determines income referred to in section 115BBE, a penalty at 10% of tax payable in addition to tax including a surcharge of 75%.
Income Tax penalty under section 271AAB
Earlier, the income tax penalty under section 271AAB were:
- Penalty of 10% of income, if admitted, returned and taxes are paid
- Penalty of 20% of income, if not admitted but returned and taxes are paid
- Penalty of 60% of income in any other case
- Penalty of 30% of income, if admitted, returned and taxes are paid
- Penalty of 60% of income in any other case
Pradhan Mantri Garib Kalyan Yojana (PMGKY)
Pradhan Mantri Garib Kalyan Yojana is a new taxation and investment regime. Undisclosed income in the form of cash & bank deposit can be declared.
Tax will be applicable at 30% of income declared, surcharge levied at 33% of tax
and penalty applicable at 10% of income declared which will be a total of 50% of income approximately.
For deposit, it will be applicable 25% of declared income to be deposited in interest and fixed deposit scheme for four years.
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