Tax disclosure scheme that will open tomorrow will close on March 31, 2017

(By ECONOMICTIMES.COM | Updated: Dec 16, 2016, 05.28 PM IST )

NEW DELHI: Government today notified changes to income tax law for the new black money disclosure scheme ‘PM Garib Kalyan Yojana’. Revenue Secretary Hasmukh Adhia said that stringent penalties have been prescribed in the new provisions, adding that the declarations made under the new scheme will be kept secret. 

“The scheme will start from Dec 17 and will run till March 31,” said Adhia, adding that government wants people to contribute to the welfare of poor via PM Garib Kalyan Yojan . 

Adhia told reporters that those who fail to declare untaxed income, will have to pay minimum 77 percent and up to 100 percent in tax and fines. 

Adhia informed that the government has plugged in existing loopholes of I-T Act via amendments. 
There will be no immunity in criminal laws and the information will not be shared for any tax purpose. “We do not want tax officials to bother any one. We have information and I-T will use it. Financial Intelligence Unit is providing us with all tax related information,” said Adhia warning that those who have deposited money in bank accounts should not think that they have escaped by depositing Rs 2 lakh in 10 different banks 

“We are getting data on suspicious deposits on a daily basis from banks. I-T department will probe on money deposited in bank accounts and clerance will be given only after deducting taxes from any such account,” said Adhia. 

Adhia also said that the all agencies are getting daily information on deposits and payment of loans and added that people can inform government about those converting black money at 

“There could be more steps ahead but we can’t disclose it now….We’ll also investigate where we find misuse of provisions have happened with multiple accounts,” said Adhia. 

He also added that farmers having income more than 2.5 lakh will have to give PAN card. 

CBDT Chairman Sushil Chandra also informed about the cash seizures and various actions being taken by the department. Here are highlights: 

* Search and seizures in 291 cases after screening of data 

* Survey 295 cases 

* 3000 notices issued 

* New currency notes of Rs 80 crore seized 

* Rs 316 crore seized in cash 

* Jewellery worth Rs 76 crore seized 

* Total Rs 393 crore seized 

* Admitted concealed income is about Rs 2600 crore 

* Methods used for converting black money into white includes: 

– Purchase of gold 

– Back dating transactions 

– Depositing cash in Jan  .. 

(By ECONOMICTIMES.COM | Updated: Dec 16, 2016, 05.28 PM IST )

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s