Jaitley announces measures to reduce black money

Highlighting Government's priority towards a lower tax regime with non-litigious approach the Finance Minister desired to give an opportunity to the earlier non-compliant to move to the category of compliant. He reiterated government's commitment to provide a stable and predictable taxation regime and reduce black money.

Shri Arun Jaitley announced that domestic tax payers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income.

Such declarants will have immunity from prosecution.

He said that Surcharge levied at 7.5% of undisclosed income will be called Krishi Kalyan Surcharge to be used for agriculture and rural economy.

Source : Equity Bulls

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