CURRENT AFFAIRS

Detailed explanation-1: -Therefore, the declarant would be liable to pay a total of 45 percent of the value of the undisclosed income declared by him. Immunity: Assets declared exempt from Wealth-tax. No scrutiny/enquiry under Income-tax • • Act/Wealth-tax Act in respect of such declarations.

Detailed explanation-2: -Income Tax on Undisclosed Sources of Income Undisclosed sources of income i.e., cash credits, unexplained investments, unexplained money, amounts of investments not fully disclosed in the books of accounts, unexplained expenditure, amount borrowed or repaid on hundi are taxable 60%.

Detailed explanation-3: -Penalties and Prosecutions. Maximum : 300 per cent of tax leviable in respect of undisclosed income. Rs. 5, 000 if return is furnished after due date specified under section 139(1).

Detailed explanation-4: -As per Section 3(1), the assessee is chargeable with tax of 30% will be charged, on or after the date on which Act has come in force i.e effectively for Asst year : 16-17 & onwards, in respect of undisclosed foreign income & undisclosed asset.

Detailed explanation-5: -10% of Income tax if total income > Rs.50 lakh. 15% of Income tax if total income > Rs.1 crore. 25% of Income tax if total income > Rs.2 crore. 37% of Income tax if total income > Rs.5 crore.