Re:India's demonetisation of Rs. 500 and Rs. 1000 notes
by kranner on Wednesday November 09, 2016 @03:22AM
(#12907723)
> the value has been significantly lowered by approximately ~10 to 20% consider when the money gets deposited, there would be an income tax due on it.
How do you figure it's 10%-20%? AFAIK it's a 300% penalty now after the voluntary disclosure scheme has ended (for income that was gained before Sep 30). People are better off burning the money if they can't launder it somehow.
How do you figure it's 10%-20%? AFAIK it's a 300% penalty now after the voluntary disclosure scheme has ended (for income that was gained before Sep 30). People are better off burning the money if they can't launder it somehow.