TAX AMNESTY SCEHMES
Ever since independent there have been many tax amnesty
schemes (ids) ,first announced in the budget 2016,is the latest such schemes. The
IDS is different from previous schemes targeting Black money in that the
central board of Direct Taxes (CBDT) is going to levy a total tax of 45 %
including 30 % tax,7.5 % penalty fees and 7.5% surcharge .This means that if
someone disclosed unaccounted income or assets Rs one crore Rs 45lakh would
directly go to government Kitty while the rest would turn into white.
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