https://www.taxtmi.com/news?id=16960 A proposed amendment to the Income Tax Act treats deposits of demonetised currency notes above specified thresholds as unexplained income, subjecting voluntarily declared amounts to a minimum concessional tax and imposing a multiyear lock-in period on half of the post-tax residual; non-declared deposits detected by authorities will attract a substantially higher combined tax-and-penalty charge. en-us Sat, 26 Nov 2016 10:45:35 +0530 Sat, 26 Nov 2016 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16960 A proposed amendment to the Income Tax Act treats deposits of demonetised currency notes above specified thresholds as unexplained income, subjecting voluntarily declared amounts to a minimum concessional tax and imposing a multiyear lock-in period on half of the post-tax residual; non-declared deposits detected by authorities will attract a substantially higher combined tax-and-penalty charge. News - Sat, 26 Nov 2016 10:45:35 +0530 https://www.taxtmi.com/news?id=16960