All deposits cannot be made white, says Jaitley
'New Delhi: Warning black money holders, Finance Minister Arun Jaitley on Saturday said black money could not be converted into white just by depositing it in banks as paying of taxes is must.
“Income tax department is constantly keeping a vigilant eye on such deposits,” said Jaitley.
According to Reserve Bank of India, old currency notes of about Rs. 8.45 lakh crore were deposited in banks till November 27.
FM, when asked about long queues at banks and ATMs, he said that RBI has increased the distribution of Rs. 500 notes and things would get better in the coming time.
Jaitley said that government is targeting to implement the GST bill from April 1.
Following are the changes in the Income Tax Bill:
- Undisclosed income will be taxed 30%.
- 10% penalty will be charged on undisclosed income.
- 33% percent surcharge will be charged separately on 30% tax.
- If undisclosed income is discovered by authorities then tax and penalty will go up to 85%.
- 25% amount will be credited to the Pradhanmanti Gareeb Kalyan Yojana.