The Income Tax Department of India has warned the black money holders through advertisements in leading newspapers. It has specified that the IT dept has all details of illegal deposits with them. The countdown is soon going to end and it is necessary for the black money to declare their deposits before it’s too late. Under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) scheme, if the black money is declared before March 31, 2017, then the person is liable to pay only 49.90%. The IT department will also maintain confidentiality about the person and no prosecution or enforcement need to be faced.
On the other hand, once the deadline is over, if the person is identified to hold black money, severe actions would be taken. The tax and penalty for the black money would be from 77.25% to 137%. The person would also be required to face stringent action from the IT Dept under the Benami Law. It is specified that the defaulters’ name would also be shared with the CBI and Enforcement Directorate department.
Here’s the message from the official Twitter handle:
Income Tax Department has information about your deposits
Why wait till 31st March2017?
Declare your black money now or
get penalised later! pic.twitter.com/ld7D7tgeAB— Income Tax India (@IncomeTaxIndia) March 24, 2017
