Govt may levy 60% income tax on unaccounted deposits
The Cabinet is reportedly considering to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation. This is against earlier reports that suggested the penalty would be 200%. This follows banks reporting over ₹21,000 crore being deposited in zero-balance Jan Dhan accounts following demonetisation, which is apprehended to be laundered black money.