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If any taxpayer voluntarily makes a declaration of his unaccounted money, then,as per the provisions of section 199C, he shall be liable to pay tax on such unaccounted money at the rate of 30% along with 33% Surcharge (on such tax) known as Pradhan Mantri Garib Kalyan Cess under section 199D.
To counter demonetisation of 500 and 1000 notes by Govt., many black money holders has devised to deposit the demonetised notes in the bank accounts held by others like relatives, servants, workers, poor people etc.
PMJDY is serving noble cause of financial inclusion of all those deprived class who were ignored by our system, banks, and contemporary governments since very auspicious independence from centuries of foreign power.
Nowadays, many articles are published on various websites, YouTube videos are being uploaded and news channels are showing footages regarding fake coins of Rs. 10. I have studied this aspect in detail and by this article, I want to bring to your kind attention the true story of fake Rs. 10 coin.
1. Applicable for undisclosed income in the form of Cash or deposits already made or to be made in bank accounts. 2. Income Tax @ 30% of Cash + Surcharge @ 33% of Tax + Penalty @ 10% of Cash i.e. aggregating to 49.90% of undisclosed income (cash) (Section 199D & 199E)
As a step forward to curb black money, bank notes of existing series of denomination of value of five hundred rupees and one thousand rupees issued by the Reserve Bank of India have been ceased to be legal tender with effect from the 9th November, 2016.
Download Full Text Of The Taxation Laws (Second Amendment) Bill, 2016- Introduced In Lok Sabha By Finance Minister Arun Jaitley On 26.11.2016
An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income.
With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.
Banks reported that post demonetisation exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore).
