Finance Minister Arun Jaitley has rejected Delhi Chief Minister Arvind Kejriwal's allegation that the Centre has reduced the penalty on undisclosed income from 200 percent to 10 percent by amending the Income Tax Act. <br/><br/>In a series of tweets, Mr. Jaitley termed the remarks as factually incorrect saying the provision of 200 percent penalty is still there. He said the existing provision of charging only 30 percent tax on un-explained cash shown in the return has been now changed to 60 percent with a surcharge of 25 percent alongwith 3 percent cess. <br/><br/>However, the assessee is caught, he or she will have to pay 85 percent of income as tax and penalty. The Finance Minister said the penalty for search and seizure has also been increased to 30 percent from 10 and 20 percent. <br/><br/>Mr. Jaitley took a dig at Mr. Kejriwal questioning why the Chief Minister, who has been a former Revenue Service officer, is misrepresenting facts.