CBDT issues notification on Fraudulently revised ITR after Demonetization

The Central Board of Direct Taxes (CBDT) has issued a notification on fraudulent cases where a taxpayer has filed a revised income tax return (ITR) post demonetization and directed them to slap “higher tax rate” in instances where black money is detected.

The idea behind the CBDT directive is that the legal provision for filing a revised or belated ITR is not misused and black income is not shown as white in the aftermath of demonetization by a taxpayer.

Source: The Hindu

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