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No tax on legitimate gold: What you should know about I-T Amendment Bill

With effect from April 1, 2016, in case of unexplained asset/cash a 60% tax plus 25% of tax as surcharge plus 3% of tax as cess will be levied

BS Web Team  |  New Delhi 

An Income Tax Amendment bill was introduced in the parliament on November 29 through which the government proposed to seal loopholes in the existing Income Tax Act, which may have been exploited by black money hoarders. After demonetisation, the proposed amendments in the taxation law are the next weapon to eject black money from the country, according to Prime Minister Narendra Modi. The government has also proposed a new income disclosure scheme under the name of the Pradhan Mantri Garib Kalyan Yojana 2016. Here's all you need to know about the changes to the ...


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First Published: Fri, December 02 2016. 12:42 IST