Be ready to pay 50-70% tax on black money deposited in banks

MUMBAI: To ensure that people who disclosed their assets under the recent income declaration scheme are not disadvantaged as compared with those depositing black money in banks now, the government plans to increase tax rates on such deposits and cash expenses. 

"Many government officials have spoken of 200% penalty on black money but that may not be feasible under the current tax framework," a person close to the development said. 

"Given this, there was a proposal  .. 
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