Black money holders to bear penalties to over 137% post raids

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income is admitted during search operations and that income substantiated.

class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">The release also said, tax dodgers can come clean by paying 50 per cent on bank deposits post-demonetisation. It said, the Taxation Laws (Second Amendment) Act, 2016 has amended the penalty provisions in respect of search and seizure cases.