Govt proposes around 50% tax on undisclosed income
Finance Minister Arun Jaitley on Monday proposed that people depositing unaccounted cash in demonetised currency pay a tax totalling to around 50%. This will include 30% tax on the undisclosed income, plus 10% penalty, and 33% surcharge on the tax paid. Further, the declarants have to deposit 25% of the undisclosed amount in the Pradhan Mantri Garib Kalyan Yojana.