You may need to pay up to 83% income tax for unexplained cash or assets in your account
Shortpedia
Content Team
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The Income Tax laws are going to get stricter as the government is pulling up its socks to fight the black money and hawala problem. According to Section 69A of the I-T Act, a person having any unexplained money, gold, jewellery or other valuable articles in the previous year will need to pay a high-income tax at the rate of 83.25% (60% tax + 25% surcharge+ 6% penalty). The unexplained assets will be deemed as the person's income.
