Government clarifies on fake news regarding Act to have 18% income deposited by all tax payers

Last updated: 27 April 2020 Follow on Google News

A fake message was being circulated on Whatsapp that in the wake of the outbreak of Coronavirus the government will enact the Compulsory Deposit Act under which the taxpayers will be asked to deposit 18% to the government. However, the government has made it clear that the such claims are fake. The government further added:

"No such move being discussed by the Government. This is a figment of imagination aimed at scaremongering. Please do not forward any such fake news"

A stamp with the word Fake on a message. Some portions of the message reads as follows -

Government is planning to bring in CDA-1963. The Compulsory Deposit Act 1963 applies to all taxpayers, property owners & all government employees.

The Compulsory Deposit Scheme (ITP) Act 1974 forced tax payers to deposit up to 18% of income in the scheme.

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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