Modi cabinet discusses income tax penalty on large deposits2 min read . Updated: 25 Nov 2016, 07:09 PM IST
The cabinet is believed to be planning to bring an amendment to Income Tax Act during winter session of Parliament to levy a tax on deposits above Rs2.5 lakh limit
New Delhi: The Narendra Modi cabinet on Thursday night is believed to have discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold after the demonetisation of high-denomination currency notes.
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more