'Deposit black money under PMGKY before March 31 deadline': IT dept

The department said that the countdown has begun and stash holders should declare their black money or regret later.

The Income Tax Department on Friday warned black money holders that their time to deposit illegal wealth under the Pradhan Mantri Garib Kalyan Yojna was running out. In advertisements in leading dailies, the department reminded black money holders that it had information about their illegal deposits and higher penalties would be levied on those who do not avail the PMGKY before the March 31 deadline and declare their illegal assets.

The department said that the countdown has begun and stash holders should declare their black money or regret later. The window under the PMGKY, that was opened in December 2016, closes on March 31. The department, in the advertisements, also assured that confidentiality of those who declared illegal assets under this scheme would be ensured.

The department also warned that those refusing to deposit under the scheme may face action under the new Benami law along with the risk of being reported to the Enforcement Directorate or the Central Bureau of Investigation.

According to the department, those declaring their assets under the PMGKY will have to pay taxes of 49.9 per cent on their income while those who do not opt for the scheme and declare black assets in Income tax returns will have to cough up 77.25 per cent tax.

Further, the department has warned that those who are caught with undisclosed income during scrutiny will have to pay 83.25 per cent tax. Tax rates stand at 107.25 per cent plus penalty for those who get caught with black assets and surrender the same during raids and for those who do not surrender such hidden income eve after searches, 137.25 percent in tax will be levied.

OneIndia News