<h1>Government Proposes 50% Tax on Undeclared Demonetized Deposits, 90% Penalty for Non-Disclosure, 4-Year Lock-In on 25.</h1> The government plans to impose a minimum 50% tax on unexplained bank deposits made with demonetized currency until December 30, alongside a four-year lock-in for 25% of the original deposit. If deposits are not voluntarily declared, a 90% tax and penalty may apply. This measure follows demonetization efforts to combat black money, with a 50-day window for depositing or exchanging old notes. The amendment to the Income Tax Act aims to close legal loopholes and penalize undeclared wealth, distinguishing between honest taxpayers and those evading taxes. The proposal is set for parliamentary approval during the winter session.