New Delhi, May 17 -- If you have cash, investments or gold that have not been reported in your ITR (Income Tax Return), not recorded in your books of accounts with no credible income source to explain for owning such assets, then you have to be prepared to pay a penal tax of up to 78% under the IT Act. You have to pay a total tax of 78%, (IT of 60%, plus surcharge of 25% on the tax and cess of 4% on the tax and surcharge) if you have not reported them in the ITR but have can prove the source of income. The tax can go up to nearly 86% if you are not able to provide the source of income. Here is a guide on the applicable tax rates for undisclosed cash, investments and gold.

"Where the total income of an assessee, (a) includes any income re...