Modi makes it tough for tax evaders. Read how

THE ECONOMIC TIMES Sat, Dec 03, 2016 | 02:17 PM IST Weekly News Platter

Pay 50% tax on unaccounted deposits, or 85% if caught In cases where tax evasion is admitted, 60% levy will be charged (30% tax plus 30% penalty). In every other case, the levy will be 90% (30% tax plus 60% penalty). readmore How Narendra Modi's demonetisation is weighing on sectors The ban on Rs 500 and Rs 1,000 notes has impacted a raft of sectors. Consumers have turned frugal, causing a sharp drop in demand for goods and services. With no threshold defined, even deposits from household savings may face tax notice A depositor receiving a notice has to explain the source of cash. The changes in the law were brought about to tax unexplained cash deposits at higher rate.

Editor's Pick How Modi's Flipkart-like site for govt buys could help save nearly Rs 20,000 cr The new government e-commerce portal could generate savings at least equivalent to half of the MGNREGA budget for 2016-17. View: What was PM Modi's political calculation in launching this radical exercise? Modi does not want to face the same fate as Vajpayee, and this is one reason why he may be willing to court more risks in a bid to retain power in 2019. Proposed black money tax changes decoded: What you need to know The government has offered the carrot – the least tax option of the Garib Kalyan Yojana – and shown the stick: the hiked tax and penalties. View: Cash is risky after demonetisation, can't say what Modi will do next At this point of time, there is literally no way to have more than a vague idea of what the impact of demonetisation on GDP will be.

Most Popular This Week Your 12-digit Aadhaar no. could soon replace all card transactions Cut in US stints for Indian techies? Infy, TCS rush to hire Americans fearing Trump Demonetisation does what Tim Cook couldn't! Apple sells over 1 lakh iPhones in 3 days Where has 'Freedom 251', the world's cheapest smartphone, vanished? Rahul Gandhi Twitter account hacked: Malware attack or spear phishing?

Story of The Week Will the demonetisation story change by December 30? Some of the scrapped currency may never eventually turn into deposits. For the Modi government, this is not a happy outcome of demonetisation. read more

Money Here's how to declare your unaccounted money The declaration can be made regarding unaccounted cash or deposits held with RBI, banks, head post office or sub post office or any other notified entity. Scared of using your debit or credit card? 4 tricks for hassle-free swiping Realising the need to make their elite customers feel secure, some banks have developed apps to block, unblock or change transaction limit.

Stock Round Up ET 500: Wealth creators and wealth destroyers of 2016 After a fall of 14% in the first two months of 2016, Nifty 50 shot up by 32% in early Sept only to fall 11% by the end of November.

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