TN man deposits Rs 246 crore under PMGKY, to pay 45% as tax

Unaccounted money holders have until March 31 to declare their black assets under the PMGKY, failing which, more taxes and penalties await.

An individual in Tamil Nadu's Namakkal district deposited a whopping Rs 246 crore unaccounted cash. According to income tax officials, the man from Tiruchengode had deposited the Rs 246 crore in old demonetised currencies at Indian Overseas Bank after the government's demonetisation announcement. Officials claim that the man tried to hide the details of the deposit at first, but later agreed to declare it under the Pradhan Mantri Garib Kalyan Yojana.

After declaring it under the limited-period Central government scheme, the man will now pay 45 per cent tax on the same. As per the scheme, 25 per cent of the deposited money will be retained without interest by the government. Unaccounted money holders have until March 31 to declare their black assets under the PMGKY, failing which, more taxes and penalties await.

"In Tamil Nadu and Puducherry, we found 28,000 accounts to be suspicious and some of the accounts had deposits in cash to the tune of Rs 85 lakh or move. In the first instance, we send a mail to the account holder asking for details. Most of them have replied and some of the cases have been closed or they have joined the PMGKY scheme accepting that the cash was black money," a report quoted an official of the Income tax department.

The officials claim that over 200 individuals and companies have deposited up to Rs 600 crore in Chennai and its suburbs. They expect the number to reach Rs 1,000 crore before the end of March 31 deadline.

OneIndia News