https://www.taxtmi.com/article/detailed?id=7103 The proposal creates a voluntary disclosure scheme for undisclosed income in cash or deposits requiring advance payment of tax, surcharge, penalty and a locked interest free deposit before declaration; disclosed amounts are excluded from assessable income but declarations are inadmissible in most proceedings except certain criminal statutes. The scheme excludes tainted funds and specified persons, and links non compliance to higher taxation, additional penalties, potential prosecution and benami confiscation where lawful ownership cannot be proved. en-us Wed, 30 Nov 2016 10:08:46 +0530 Wed, 30 Nov 2016 10:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7103 The proposal creates a voluntary disclosure scheme for undisclosed income in cash or deposits requiring advance payment of tax, surcharge, penalty and a locked interest free deposit before declaration; disclosed amounts are excluded from assessable income but declarations are inadmissible in most proceedings except certain criminal statutes. The scheme excludes tainted funds and specified persons, and links non compliance to higher taxation, additional penalties, potential prosecution and benami confiscation where lawful ownership cannot be proved. Articles Income Tax Wed, 30 Nov 2016 10:08:46 +0530 https://www.taxtmi.com/article/detailed?id=7103