Black money hoarders have a last chance to declare unaccounted income as the government opens a near four-month window under the Prime Minister's Garib Kalyan Yojana (PMGKY) on Saturday with the promise that information shared with the tax department would be kept confidential. The email on which people can inform about tax evaders is blackmoneyinfo@incometax.gov.in
The scheme would close on March 31. The President had given his assent to amendments in the I-T Act that pave the way for the creation of the PMGKY, as well as stringent rules that allow the levy of tax and penalty ranging from 77.25% to 100% of the unexplained income. Those declaring their unaccounted for income under the scheme would get amnesty by paying a 50% tax on the amount disclosed, and after they pledge 25% of the income to the interest-free PMGKY fund that has a four-year lock-in period.
“Beginning tomorrow (Saturday), most banks will have challans to be filled for depositing tax to avail the PMGKY scheme. Only after the payment of 50% tax and setting aside 25% of the remaining amount for four years can a person avail the scheme,“ Adhia said. He added that the government had no intention of imposing inspector raj to look for tax evaders, but, would not shy away from taking action against wilful defaulters.
Barring Jan Dhan accounts and a few other categories where Rs.10,000 is the withdrawal limit, the Centre has made it mandatory to furnish PAN for all accounts. Farmers will have to furnish Form 60 and a declaration that their income is below Rs.2.5 lakh annually . Adhia said the Centre would use professional agencies for analysis on deposits made by December 30, the deadline to deposit demonetised banknotes.
The scheme would close on March 31. The President had given his assent to amendments in the I-T Act that pave the way for the creation of the PMGKY, as well as stringent rules that allow the levy of tax and penalty ranging from 77.25% to 100% of the unexplained income. Those declaring their unaccounted for income under the scheme would get amnesty by paying a 50% tax on the amount disclosed, and after they pledge 25% of the income to the interest-free PMGKY fund that has a four-year lock-in period.
“Beginning tomorrow (Saturday), most banks will have challans to be filled for depositing tax to avail the PMGKY scheme. Only after the payment of 50% tax and setting aside 25% of the remaining amount for four years can a person avail the scheme,“ Adhia said. He added that the government had no intention of imposing inspector raj to look for tax evaders, but, would not shy away from taking action against wilful defaulters.
Barring Jan Dhan accounts and a few other categories where Rs.10,000 is the withdrawal limit, the Centre has made it mandatory to furnish PAN for all accounts. Farmers will have to furnish Form 60 and a declaration that their income is below Rs.2.5 lakh annually . Adhia said the Centre would use professional agencies for analysis on deposits made by December 30, the deadline to deposit demonetised banknotes.
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