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New income declaration scheme explained

Govt has proposed a total tax, penalty and surcharge of 50% on amount deposited since demonetisation

BS Web Team  |  New Delhi 

Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 [Specified Bank Notes(SBN)] have been recently withdrawn the Reserve Bank of India. Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 ...

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First Published: Mon, November 28 2016. 18:20 IST