KASHMIR NEWS OBSERVER.
NEW DELHI: Unaccounted deposits in scrapped currency notes up to December 30 if declared to taxmen will attract 50% tax, along with a lock-in of 4 years, sources said.
In case the disclosure is not made and the unaccounted money is detected by tax authorities, it will be charged with 60% tax and a longer lock-in period, the sources added.
"The government will introduce amendments to the Income Tax Act giving effect to this in the ongoing session of Parliament," a source said.
The government is keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30, the sources added.