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Black Money To Attract Over 137% In Tax, Penalty Post Raids

Black Money To Attract Over 137% In Tax, Penalty Post Raids

Tuesday, December 27, 2016, 4:14 PM

The Income Tax Department said that, black money holders will have to bear taxes and penalties amounting to as high as 137% if they do not admit to or fail to explain the source of undisclosed income after being raided. However, the total levy can touch 107.25 % if the undisclosed income is admitted during search operations and that income substantiated, the department said.
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