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Unaccounted deposits to attract 50% tax, 85% if still not disclosed!

Updated on: 09 Aug, 2023 11:25 AM

The Modi government now proposes to levy 50% as tax, surcharge and penalty on the disclosure of unaccounted deposits. Apart from the 50% tax, the declarer will also have to deposit 25% of the amount disclosed in the Pradhan Mantri Garib Kalyan Yojana, 2016 for a 4 year locking period and that too without interest.

Also, those who will not disclose their black money should be ready for paying 60% taxes along with surcharge and penalty, totalling it up to 85% taxes, if caught.

Further, the penalty for search and seizure presently is also proposed to be revised to 30% where it is admitted and paid, 60% in all other cases. Although, the penalty u/s 270A for mis-reporting and under-reporting of income stays unchanged.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.