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Published: Sat, December 17, 2016
Tech | By Dwayne Harmon

Final deadline for black money holders: March


Revenue secretary Hasmukh Adhia.

To get information on money launderers, the tax department has created a special email address where anyone can provide information about them.

The government wants public help in its crackdown on black money - on Friday it set up an email-ID and encouraged people to give information about hoarders of illicit cash. "We will use machines and data analytics to look for tax evaders", he added, warning tax evaders that more steps to track black money are on the anvil. "Unaccounted cash can be disclosed under PMGKY that comes with 50 percent tax and penalty starting from tomorrow till 31 March, '17", said Revenue Secretary Hasmukh Adhia.

He affirmed that the declarations under new black money disclosure scheme to be kept absolutely confidential.

Speaking about the new amendment, Dr Adhia said that the disclosures would attract 50% tax and penalty.

Cautioning the people with unaccounted money, Jain said "Don't look for ways to convert the money".

Those who declare their wealth under this scheme will also have to park a quarter of the sum in a non-interest deposit for four years.

Ever since the 8 November announcement by Prime Minister Narendra Modi on the scrapping of Rs500 and Rs1,000 currency notes, holders of such notes have been depositing these in banks across the country. He further assured that financial intelligence unit is analysing and monitoring deposit information.

"If it is a deposit in the account of a political party, they are exempt (under the Income Tax Act)". Adhia reiterated that the information would strictly stay with the department. "But if it is deposited in individual's account then that information will come into our radar".

"The scheme will start from December 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 Yojana. "Therefore, they should come very very clean under this scheme which is the last window available for anyone", he said.

Giving details of the PMGKY scheme, Adhia said declaration of undisclosed income under it can be made by any person in the form of cash or deposits in an account with bank or post office or a specified entity.

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