Insight: NDA plans tax law amendment, opposition in no mood to help
If you thought your woes ended with just having deposited your old notes in the bank, think again. Based on the cabinet’s proposal, prepare to lose up to 60% of all your deposited money above Rs 2.5 lakh, if you are unable to account for them.
The 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 post demonetisation of high-denomination currency notes.
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