Pradhan Mantri Garib Kalyan Yojna comes into effect from today

Offering one last chance to black money holders, the government has said that they have time until 31st March 2017 to come clean by paying 50 per cent tax of the unaccounted money under the Pradhan Madntri Garib Kalyan Yojana.

Government will use this money from penalty under this scheme for social schemes.

Government has notified changes to income tax law for the new black money disclosure scheme i.e ‘Pradhan Mantri Garib Kalyan Yojana’.

Money received under this scheme as penalty will be used for the social schemes meant for poor.

—This scheme starts from Dec 17 and declarations made under this scheme will be kept confidential

–Any individual who has undisclosed income can disclose income under this scheme till March 31 2017

–Any individual who declares unaccounted income, will have to pay a fine of 50% of the unaccounted money

—25% of the amount will remain locked in for 4 years

—You can deposit the penalty on your undisclosed income in any bank or in the income tax department

Government is taking very stern measures to combat black money.

The cash seizures and various actions are being taken by the concerned departments after demonetisation.

—So far Search and seizures in 291 cases have been conducted after screening of data

—In these actions Rs 316 crore have been seized in cash

—In various raids, New currency notes of Rs 80 crore have been seized

—and rest amount is in old currency notes and Jewellery

—If in case you have any information about black money you can also email it on blackmoneyinfo@incometax.gov.in

It is noteworthy that IT department is getting data on suspicious deposits on a daily basis from banks and concerned agencies are keeping a watchdog’s eye on every transaction.

If proper information is not provided on the deposited money it may turn troublesome for the depositor.