Finance minister Pranab mukherjee today proposed a slew of measures to deter the generation of unaccounted money.
These includeTax collection at source on cash purchase of bullion / jewellery above Rs2 lakh.
Tax collection at source on trading in coal, lignite and iron ore
Unexplained money to be taxed at 30 per cent
Introduction of compulsory reporting requirement in case of assets held abroad.
Allowing for reopening of assessment upto 16 years in relation to assets held abroad.
Tax deduction at source on transfer of immovable property (other than agricultural land) above a specified threshold.
Increasing the onus of proof on closely held companies for funds received from shareholders as well as taxing share premium in excess of fair market value.