Flat rate of tax @60% + surcharge @25% of tax (i.e. 15% of such income) + cess @ 3% of tax & surcharge. So total incidence of tax is 77.25% approx.
(No expense, deductions, set-off is allowed)
Example: If Rs 5 lakh is the unexplained credit, investment, cash and other assets, 60% tax is Rs 3 lakh plus Rs 75,000 plus cess @ 3% of tax & surcharge Rs. 11250 which is equal to Rs 3,86,250 lakh i.e. 77.25% of unexplained credit, investment, cash and other assets
PENALTY (Section 271AAC)
This penalty comes into play if the person does not voluntarily own up and declare the unaccounted income (cash/deposits) in his/her return of income and instead the Assessing Officer determines income referred to in section 115BBE. Then penalty @10% of tax is payable in addition to tax (including surcharge) of 77.25%.
Example: In addition to Rs 386250 lakh, Rs 30,000 is to be paid.
Total tax plus penalty: Rs 4,16,250/-. This comes to 83.25% of the total unaccounted income disclosed.
Penalty for search/seizure cases
Penalty (271AAB)- This is leviable in addition to 60% tax, plus 25% surcharge (as % of tax), plus cess of 3% of tax and surcharge.
(i) 30% of income, if admitted, returned and taxes are paid
(ii) 60% of income in any other case
Example: Say, income undisclosed and thus seized or searched is Rs 5 lakh. Then penalty in addition to tax, surcharge and cess would be:
(i)30% of Rs 5 lakh i.e. Rs 1.5 lakh
(ii) 60% of Rs 5 lakh i.e. Rs 3 lakh
You can file your ITR with ease via All India ITR.
Source : https://goo.gl/wEuKUJ
Also Read : Income Tax Act Amendments Upset Calculations
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