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Unaccounted Deposits in Old Notes to attract 50% Tax

A minimum of 50 percent tax may be levied on unexplained bank deposits made using the banned currency notes up to 30 December.
●    However, a higher 90 percent tax and penalty could be imposed if assessees do not declare the unaccounted cash voluntarily.
●    Half of remaining deposits, or 25 percent of the original deposit, will not be allowed to be withdrawn for four years.
●    In case such deposits are not declared and are detected by tax authorities, a total of 90 percent tax and penalty would be charged.
●    The government had given a 50-day window beginning 10 November for either depositing the Rs 500 and Rs 1,000 notes in circulation or exchanging them for new currency.
●    While the exchange, which was limited to a maximum of Rs 2,000 per person, has been withdrawn, all old notes without any ceiling can be deposited in bank accounts.

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