Black money is deep rooted in our economy and for years government has been coming up with new ways and means to identify people’s undisclosed incomes. A recent amendment proposed in Section 206C in Finance Bill 2016 which is now an income tax provision has grown concerns for people who have not been disclosing their actual incomes.
This week I’ll throw some light on this new provision wherein the government made it clear that if you will not disclose your actual income we will not let you spend your undisclosed income without our notice. Continue reading “Pay taxes on purchases or services you avail – Section 206C”