i want to know about this undisclose income ..

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Garima jain (Querist)

22 September 2016 i want to know about this undisclose income .. is this beneficiary for public? how public is affected by this?? 45% is not a big amount

Deepti Asawa

Deepti Asawa (Expert)

22 September 2016 it is 45% ...but when u paid 45% your undisclosed income free as 145%....100% income plus 45% tax...... so it is 45/145= approxx 30%....

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Amol S Joglekar

Amol S Joglekar (Expert)

22 September 2016 CBDT has already clarified the issue in open seminars and discussions groups. Mathematicians do try to show different different %......but that may NOT hold good in many cases.....
A person who bought gold at say 10k per tola is now required to pay tax on its price as on 01/06/2016, which was around 28k.......so to say? had he paid the tax on 10k, it would have been 3k in the year of its purchase.... now he has to pay 45% of 28k i.e.12600.....
The points is arguments can be both ways....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 September 2016 Tax has to be paid out of disclosed income, necessary clarification issued in this regard. So it is not 30% it is only 45%.

Garima jain

Garima jain (Querist)

22 September 2016 but this may affect the low turnover businessmen ...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 September 2016 Low turnover businessman doesn't have much black money.

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Amol S Joglekar

Amol S Joglekar (Expert)

22 September 2016 The basic proposition is that...one should pay one's taxes regularly and as and when due.
The IDS is aiming at those who did NOT pay their share of taxes in time......
Please burst it into your memory, this is a sort of chance given for those people who FAILED to pay their taxes in TIME...ok? .... So no need to argue on the point of those who have the mindset of NOT paying the taxes regularly. Your views please