Taxation Laws (2nd Amendment) Bill 2016
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As introduced in Lok Sabha on 28.11.2016. It provides for alternative scheme for undisclosed income. Declarant will be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income. Further a surcharge @ 33% of tax will also be levied. In addition to tax surcharge and penalty, 25% of undisclosed income will be required to be deposited in a deposit scheme to be notified by Govt.
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