15 May 2017
File return disclosing such deposits and pay normal applicable tax so that you can avoid penalty. Penalty will be levied if you are not able to prove the source of income. As per section 115BBE up to 85% of such deposits will be taxed in case of undisclosed income. If you hold undisclosed wealth and caught by IT department, then flat 60% tax plus a surcharge of 25% of tax (15%), which will amount a levy of 75%. Besides, if the assessing officer decides he can charge a 10% penalty in addition to the 75% tax.
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