MAR 31, 2017, IS LAST DATE TO GIVE UP BLACK MONEY

Hindustan Times ST (Mumbai) - Live - - FRONT PAGE - Mahua Venkatesh

NEW DELHI: The govern­ment an­nounced on Fri­day de­tails of a more strin­gent in­come dec­la­ra­tion scheme, a “last chance” for tax evaders who will have to cough up 50% of their un­ac­counted-for wealth in tax.

The scheme — called the Prad­han Mantri Garib Kalyan Yo­jana (PMGKY) — was an­nounced last month and will be op­er­a­tional be­tween De­cem­ber 17 and March 31 next year.

“This is the last chance for peo­ple to come clean… we urge peo­ple to avail the scheme…we don’t want any kind of in­spec­tor raj on peo­ple,” rev­enue sec­re­tary Has­mukh Ad­hia said.

A per­son will have to pay 30% tax on the undis­closed in­come, a penalty of 10% on the in­come and a sur­charge of 33% on the tax paid.

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