New Delhi: Offering one last chance to black money holders, the government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.
Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme PMGKY, which kicks-in from Saturday, Revenue Secretary Hasmukh Adhia said non-disclosure of deposits made in banks after the Rs 500 and Rs 1000 notes were junked will attract stiffer penalties as well as prosecution.
The disclosure scheme is part of The Taxation Laws (Second Amendment) Act, 2016, which was approved by the Lok Sabha earlier this month and has been assented by the President.
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) will commence on December 17 and shall remain open for declarations up to March 31, Adhia told reporters here.
Amount deposited in banks does not mean it's white, unless tax is paid on the amount: Revenue Secretary Adhia pic.twitter.com/zoAgkwHbce? ANI (@ANI_news) December 16, 2016
Adhia emphasised that mere depositing of cash in banks will not convert black money into white. Taxes have to be paid.
As per the scheme, taxes will have to be paid first and then the scheme can be availed on production of tax receipt, unlike the recent Income Disclosure Scheme and other such plans wherein disclosures were made first and taxes were recovered later.
Also, as the disclosures will be kept confidential, the holder of unaccounted cash need not disclose it in Income Tax Returns forms.
To get information on money launderers, the tax department has created a special email address where anyone can provide information about them.
"People who have knowledge of money launderers can give direct information to us. We have created a email id: [email protected] (for the purpose)," he said.
For those holding unaccounted cash, it offered new tax evasion amnesty scheme wherein 50 per cent tax will be charged on declarations and quarter of the total sum be parked in a non-interest bearing deposit for four years.
With the help of professional agencies, a thorough analysis of all deposits that come till December 30 will be done to try and join all the dots, he said, adding that raids conducted so far are based on information analysis.
"Mere depositing of money in bank account does not make it white. People should not make the mistake of thinking cash deposited in bank is white," he said.
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