I-T law may be amended to formalise penalty
Saturday, November 26, 2016 IST
The Union Cabinet is understood to have given its nod past due on Thursday night for an invoice to amend the earnings-tax regulation inside the context of the latest demonetisation declaration of November eight.
The intent is to modify existing penalty provisions in the income-tax law in order to enable the taxman to levy a penalty of as much as 200 in line with cent on certain high-priced deposits made into bank bills from November nine to December 31 this year.
It's far extensively believed that the profits tax regulation’s present day penal provisions suggesting a two hundred consistent with cent penalty won't cover conditions wherein voluntary taxes are paid so most via taxpayers on any massive excessive-fee deposits.
The goal of the government may be to give enough statutory backing and power to the taxman to levy the penalty of 200 percent — even in instances where taxes have been paid voluntarily on deposits, the sources said.
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