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March 31 deadline for disclosure of black money

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New Delhi: In a major development, the tax evaders can declare their unaccounted income till 31 March under the government’s new Income Disclosure Scheme (IDS), the Pradhan Mantri Garib Kalyan Yojana(PMGKY).

Under this new scheme those with undisclosed money or assets can come clean by paying  50% tax said Revenue Secretary Hasmukh Adhia on Friday.

In addition, the declarant will have to deposit 25% of the undisclosed income in the zero-interest PMGKY Deposit Scheme for four years. There is no interest on this deposit. He needs to furnish his permanent account number (PAN) while making his declaration.

The disclosure scheme is part of The Taxation Laws (Second Amendment) Act, 2016, which was approved by the Lok Sabha earlier this month and has been approved by the President.

The new scheme rolls out from today and ends on 31 March, 2017. The first scheme which began in June closed on September. People who have information about black money can give direct information by e-mail to blackmoneyinfo@incometax.gov.in said Adhia.

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