NEW DELHI: With the major processes in demonetizing Rs 500 and Rs 1000 currency notes coming towards an end, the Indian government had on Friday gave a last chance to the tax evaders to come clean under the new income declaration scheme ‘Pradhan Mantri Garib Kalyan Yojana’. According to the scheme, the voluntary disclosure of Black money will attract 50 percent tax and surcharge while providing immunity from prosecution.
The Government has made it clear that the PM Garib Kalyan Yojana will be the last window for the tax evaders to come out clean and that it will prosecute the tax evaders, if found post the deadline of March 31, 2017. Also, the Income tax department has shared an email id firstname.lastname@example.org urging people to take part in the nation’s development by providing details of the alleged tax evaders.
Explaining the Government’s approach, Revenue secretary Hasmukh Adhia said, “It is the last chance for the tax evaders as already said. We urge people to come out clean by contributing to the Government’s new scheme. The Government assures that tax evaders who disclose their unaccounted money in banks post November 8 under the PM Garib Kalyan Yojana will be protected from prosecution”.
“Under the scheme, the tax evader will attract 50% tax and penalty. Apart from this, he will have to deposit a quarter of the undisclosed income for a fixed period of four years with no interest. The scheme will open officially on Saturday and will close on March 31, 2017″, the secretary said.
Further the government assured that the details obtained under the scheme will not be used for prosecution and advised that citizens who come out clean under the scheme will have to show their tax paid receipts to avoid prosecution.
Warning the citizens on the Government’s strict vigil the Revenue secretary said that people should not think that they can get away by depositing money in multiple accounts. “Financial Intelligent Units are working round the clock analyzing the deposits matching them with previous bank account statements. Black money holders cannot escape this and I request them to come out clean without making things complicated”, Adhia said.
The Government disclosed that it has so far seized Rs 393 Crore unaccounted money and that the income tax raids has revealed Rs 2600 Crore concealed income.