Last chance for black money holders to disclose till March 2017
New Delhi : The Indian government on Friday gave one last chance to black money holders to disclose their assets before March 2017.
Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), 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.
If anyone tries manipulation by not showing black money now and lates disclosing it as income for this year in tax returns will attract a total levy of 77.25 per cent in taxes and penalty.
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 in New Delhi.