Insight: Govt unveils ‘Black Tax’ formula; can we trust our tax babus?

Get ready to pay 50% penalty on unaccounted wealth, 85% if you are caught with undeclared unaccounted wealth. This is the key proposal of the income tax amendment bill tabled by the finance minister in the Lok Sabha today. 
 
This even as both houses were adjourned after familiar scenes of chaos. The opposition protested in parliament and on the streets, some parties imposed a shutdown, others held rallies amid the politics, we focus on the implications for you – the citizen and the tax payer. What’s next for you? Is demonetisation worth the pain? That and much more ahead on Insight.
 

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