The Hindu Business Line

Want to blow the whistle on blackmoney? Mail Taxman here

Centre opens a new window for declaratio­n of unaccounte­d cash

- SHUTTERSTO­CK.COM

The Centre has set up an email ID — blackmoney­info@incometax.gov.in — 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.

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