People with unaccounted cash: Here’s how the I-T department is watching you
Advertisement
Advertisement
Warning black money holders that their undisclosed assets are "not hidden" from its gaze, the In advertisements released in leading national dailies, the department also published the salient features of the Pradhan Mantri
"Your undisclosed accounts or cash deposits are not hidden from us.
"Helping the less fortunate can help you.
It cautioned that "non declaration of such undisclosed income will be liable to tax, surcharge and cess at the rate of 77.25 per cent along with penalty and prosecution."
Advertisement
The department added that "total confidentiality is ensured" under the scheme that is open till March 31.
The I-T department, official sources had told
Under the PMGKY, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of it in taxes and surcharges.
Also, a quarter of the total sum is to be parked in a non-interest bearing deposit for four years.
Offering tax dodgers confidentially and immunity from prosecution, PMGKY commenced on December 17, 2016 and will remain open up to March 31.
Advertisement
- Angel Investing Opportunities
- Poonch Terrorist Attack: One Indian Air Force soldier dies, five injured; Patrolling intensifies across J&K
- The Role of AI in Journalism
- 10 incredible Indian destinations for family summer holidays in 2024
- 7 scenic Indian villages perfect for May escapes
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market