Factually incorrect statements have been made by @ArvindKejriwal in relation to changes proposed in the Taxation Law.

+ The existing provision of penalty of 200% for mis-reporting income under Section 270A has not been changed.

+ The existing provision of charging only 30% tax on un-explained cash shown in the Return has been now changed to 60% tax + 25% of tax as surcharge + 3% of tax as cess.

+ This is a total of 77% of tax in case if assessee shows it in the Return. Otherwise 85% of income will be payable as tax + penalty.

+ Penalty for search & seizure is also increased from existing 10% & 20% to 30% even if assessee admits & shown it in his Return. Otherwise 60% of income will be the penalty.

+ In PMGKY, apart from 50% of income being taken as tax + penalty + surcharge, 25% of disclosed income has to be kept as interest free deposit in PMGKY deposit scheme for 4 years.