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50% tax, 4-yr lock-in, for black money hoarders

50% tax, 4-yr lock-in, for black money hoarders

Hyderabad: Central government is gearing up to take strict action against black money hoarders. Unaccounted deposits will attract 50% tax, along with a lock-in of 4 years. They may not able to withdraw their cash from their account upto 4 years. In case the disclosure is not made and the unaccounted money is detected by tax authorities after December 30, tax upto 90 pc would be levied besides taking legal action against the possessors. Central government is seriously mulling over providing another chance to convert black money into white.

Current station was reviewed in a cabinet meeting held two days ago. The meeting was chaired by Prime Minister Narendra Modi. According to highly placed sources, it has been decided to levy 50 pc tax on cash deposited over the fixed limit between November 10 to December 30. It will not be applicable on amount upto 2.5 lakh. 50 pc tax will be collected on the amount above that. If the disclosure is made after the new law is imposed it may attract tax upto 60 to 90 pc.

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