Deadline for declaring black money under PMGKY extended till May 10

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The deadline for declaring the black money under the Pradhan Mantri Garib Kalyan Yojana has been extended till May 10. 

Black money

The extension is applicable to those who make payment of tax, surcharge and penalty by March 31.

The PMGKY scheme was launched by the government on December 17, 2016, as the last chance to holders of undisclosed income.

It provided for payment of 49.9 per cent tax, surcharge and penalty.

"CBDT has decided that if due tax, surcharge and penalty under PMGKY, has been received on or before the 31st March, 2017, and deposit in the Bond Ledger Account under the Deposit Scheme has been received on or before the 30th April, 2017, the declaration in Form No.1 under PMGKY can be filed by 10th May, 2017," a Central Board of Direct Taxes said.

CBDT had earlier stated that those who do not declare their stash under the PMGKY and are raided will face 107.25 per cent tax and penalty.

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