RSS   Newsletter   Contact   Advertise with us

India launches new tax evasion amnesty scheme

Staff Writer | November 29, 2016
Indian Finance Minister Arun Jaitley unveiled a scheme to give tax dodgers another chance to come clean.
Arun Jaitley
Asia   50 percent in taxes and surcharges
The move follows Prime Minister Narendra Modi's decision to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed.

Under the proposed scheme, a person making the declaration would have to pay 50 percent in taxes and surcharges.

The individual would also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

While Jaitley expects the scheme to discourage tax evaders from laundering their ill-gotten wealth, experts said there was no better alternative to sweeping tax reforms.