The Hindu Business Line
Want to blow the whistle on blackmoney? Mail Taxman here
Centre opens a new window for declaration of unaccounted cash
The Centre has set up an email ID — firstname.lastname@example.org — to enable people give information on hoarders to tax authorities, Revenue Secretary Hasmukh Adhia said on Friday.
“People can give information about those trying to convert black money into white on this email address,” Adhia told reporters here.
The information received on this e-mail ID will be monitored by a cell of the Income-Tax Department and acted upon immediately.
Adhia reiterated the government’s stance that mere depositing of money in banks does not mean it becomes ‘white’ unless tax has been paid on it.
Even as it facilitated whistleblowing on black-money, the Centre also gave hoarders another chance to come clean, by notifying the recent amendment to the income tax law that opens a new window under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The taxation and investment regime for the Yojana will commence on Saturday and remain open for declarations up to March 31, 2017, Adhia said.
The rules for this purpose have been notified and placed in the public domain. A separate notification has been issued for Pradhan Mantri Garib Kalyan Deposit Scheme 2016 by the Department of Economic Affairs.
Adhia said disclosures under the new scheme would attract 50 per cent tax and penalty. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years. He insisted that information from such declarations “will not to be used for prosecution”.
Adhia also said that the government was collecting information on deposits in dormant and Jan Dhan accounts on a daily basis and that raids to recover unaccounted old, new currency notes were on.
He also said that the government will hire professional data analysts to study deposits made up to December 31, to identify suspicious transactions made post November 8.
Seizures score: ₹393 crore
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the Income-Tax Department has since November 8 — when demonetisation was announced — seized about ₹393 crore, including ₹316 crore in cash and ₹77 crore worth of jewellery.
Of the cash seizure, about ₹80 crore was in new currency. As a result of these investigations, about ₹2,600 crore of undisclosed income has been admitted by taxpayers, Chandra added.