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The Union Cabinet is understood to have given its nod late on Thursday evening for a Bill to amend the income-tax law in the context of the recent demonetisation announcement of November 8.
The intent is to modify existing penalty provisions in the income-tax law so as to enable the taxman to levy a penalty of up to 200 per cent on certain high-value deposits made into bank accounts from November 9 to December 31 this year.
It is widely believed that the income-tax law’s current penal provisions suggesting a 200 per cent penalty may not cover situations where voluntary taxes are paid suo motu by taxpayers on any large high-value deposits.
The objective of the government may be to give enough statutory backing and power to the taxman to levy the penalty of 200 per cent — even in cases where taxes have been paid voluntarily on deposits, the sources said.
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