Govt proposes 85% tax on undisclosed wealth if caught
The government has proposed a 75% tax on people who do not disclose their wealth but are caught by I-T department authorities post demonetisation. Further, the assessing officer can decide to charge a penalty of 10% in addition to the tax. Notably, the government has proposed a total tax, penalty and surcharge of 50% on unaccounted income declared post demonetisation.