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Cabinet approves amendment to IT act - The News
Posted
November 25, 2016
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94
November 25, 2016
94
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8:28Now PlayingThe Union Cabinet has approved amendments to the income-tax laws late on Thursday (Nov 24), clarifying the tax liability on deposits of cancelled Rs 500 and Rs 1,000 notes in bank accounts after the November 8 cutoff.
Taxes on unaccounted deposits may be levied at the rate of up to 60% (30% tax plus 30% penalty), higher than the 45% levied under the income disclosure scheme (IDS) that closed on September 30.
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