Pay reduced tax at 39% rate on unexplained income compared to 78% earlier, with close eye on penalty, Budget 2026 announcement?

Budget 2026 brings a major tax relief for unexplained income. The tax rate has been slashed to 39 percent from the earlier 78 percent. This change applies to unexplained credits, investments, and expenditures. Taxpayers can now pay a lower tax on such income. The new provisions aim to simplify tax compliance.

from Tax-Wealth-Economic Times https://ift.tt/ODC32J8