Against previous reports, the government has called and meeting to discuss about levying nearly 60 percent income tax on unaccounted deposits in banks above a threshold, according to media reports.
The government is mulling to amend the laws to tax unaccounted deposits in banks in the range of 60 percent, this comes after the banks have reportedly deposited over Rs 21,000 core in the Jan-Dhan accounts -- zero balance accounts -- in merely two weeks after the Prime Minister Narendra Modi banned high denomination currency in the country.
However, the government has not given any official word on the amount of tax it plans to levy. Traditionally, there could be no disclosures outside on any policy decision taken during the sitting of Parliament.
Earlier, the government official have been quoted in reports as saying anonymously that the government might charge as much as 30 percent tax and 200 percent penalty on the unaccounted deposit.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from 10 November to 30 December.
A report in The Economic Times earlier had said that the tax evaders may be able to skirt the stringent penalty by declaring the income in this year's I-T returns. The amendment to I-T laws seems to be aimed at closing this loophole.