Government has notified changes to income tax law for the new black money disclosure scheme i.e ‘Pradhan Mantri Garib Kalyan Yojana’.
Money received under this scheme as penalty will be used for the social schemes meant for poor and for social schemes.
About this Scheme:
This scheme starts from Dec 17, 2016 and declarations made under this scheme will be kept confidential
Any individual who has undisclosed income can disclose income under this scheme till March 31 2017
Any individual who declares unaccounted income, will have to pay a fine of 50% of the unaccounted money
25% of the amount will remain locked in for 4 years
You can deposit the penalty on your undisclosed income in any bank or in the income tax department
Other Information:
Government is taking very stern measures to combat black money.
The cash seizures and various actions are being taken by the concerned departments after demonetisation.
So far Search and seizures in 291 cases have been conducted after screening of data
—In these actions Rs 316 crore have been seized in cash
—In various raids, New currency notes of Rs 80 crore have been seized
—and rest amount is in old currency notes and Jewellery
IT department is getting data on suspicious deposits on a daily basis from banks and concerned agencies are keeping a watchdog’s eye on every transaction.
