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137% tax, penalty on black money
If any black money is found during the Income Tax raids, the fraudsters have to pay 137.25% (60% tax, 60% penalty, 15% surcharge and 3% education cess) in taxes and penalties.
If at all, during the raids, if the individual admits not coming into tax bracket and pays the tax before the specified date, then he/she might have to pay anywhere around 107.25% (60% tax, 30% penalty, 15% surcharge and 3% education cess).
Offering black money holders one more chance, the Centre introduced Pradhan Mantri Garib Kalyan Yojana 2016, through which the tax evaders could pay 50% of black money in bank deposits to the centre using this scheme. While 25% can be used now, the balance 25% will be offered only after 4 years without interest. This scheme will end on March 31st, next year.
