https://www.taxtmi.com/news?id=16974 The Bill proposes the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016, permitting declaration of undisclosed cash and bank deposit income subject to a flat special tax and a specified surcharge, an additional penalty, and a mandatory deposit of a portion of declared income into an interest free deposit scheme for a fixed term. The regime disallows deductions or set offs for declared income. Concurrently, the Bill preserves and increases statutory penalties and flat tax treatments for unexplained credits, investments and assets, and raises penalties in search and seizure assessments. en-us Mon, 28 Nov 2016 17:50:50 +0530 Mon, 28 Nov 2016 17:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16974 The Bill proposes the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016, permitting declaration of undisclosed cash and bank deposit income subject to a flat special tax and a specified surcharge, an additional penalty, and a mandatory deposit of a portion of declared income into an interest free deposit scheme for a fixed term. The regime disallows deductions or set offs for declared income. Concurrently, the Bill preserves and increases statutory penalties and flat tax treatments for unexplained credits, investments and assets, and raises penalties in search and seizure assessments. News - Mon, 28 Nov 2016 17:50:50 +0530 https://www.taxtmi.com/news?id=16974