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