Undisclosed wealth in banned Rs 500 & 1,000 notes:
- 30% Tax + 10% Penalty + +10% surcharge
50% total tax on amount deposited
- Further, the declarants have to deposit 25% of the amount disclosed in Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) without interest with a 4 year lock-in
Those Who Don't Declare And Are Caught
- Flat 60% Tax + 15% surcharge
75% in all
- Further assessing officer has the discretion to levy 10% penalty in addition to 75% tax depending on nature of disclosure
- In that case, 85% awaits those who don't disclose willingly