The division said that full confidentiality is ensured to these who declare their black assets and resources
The Revenue Tax division on Friday warned black funds holders that it has “details” about their unlawful deposits and they need to avail the quickly-to-conclude PMGKY window to come thoroughly clean.
In ads issued in top national dailies, the division said that the “countdown” in this regard has started and unlawful holders need to declare their black funds “or regret later”.
The window below the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31.
The ad said that the “Revenue Tax division has details about your deposits.”
The division also said that full “confidentiality is ensured” to these who declare their black assets and resources below this plan.
It experienced a short while ago also cautioned stash holders to avail the plan or confront stringent motion below Benami legislation, introducing that the defaulters’ names will also be shared with the central probe businesses like the Enforcement Directorate and the Central Bureau of Investigation.
The tax and penalty versus these who conceal their black funds and fail to avail the PMGKY could go as superior as 137 per cent of the income deposits produced, a senior officer experienced said, introducing the division will not shy away from slapping the newly enacted Benami Transactions Act versus defaulters.
The official explained that a man or woman or entity that opts for PMGKY will have to spend 49.9 per cent tax on the income, while a man or woman who does not choose for the plan but features his black income in his Revenue Tax Returns will confront a tax and penalty price of 77.twenty five per cent.
The one who does not offer you his stash resources below the plan but is caught with undisclosed income in scrutiny evaluation will confront eighty three.twenty five per cent tax price.
For these who do not declare their stash below the PMGKY and are raided will confront 107.twenty five per cent tax and penalty if the undisclosed income is surrendered through the motion.
Those people who do not surrender this sort of hidden income even through lookups will stand to confront the highest amount of penalty and tax at 137.twenty five per cent.
The Benami Act invitations demanding imprisonment of up to seven years and the violators also stand to be charged below the I-T Act, besides becoming liable to spend fantastic up to twenty five per cent of truthful market value of benami house and other penalties.
The Centre experienced come out with the PMGKY plan immediately after its determination to demonetise superior value currency notes of Rs 500 and Rs one,000 past 12 months.
A quarter of the full sum will also have to be parked in a non-desire bearing deposit for four years below the said plan.
The plan experienced commenced on December 17 past.
Illustration: Uttam Ghosh/Rediff.com
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