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760 cr unaccounted money declared in Telugu States
Post demonetisation a total of Rs 760 crore of unaccounted money has been declared in Telangana State and Andhra Pradesh to the Income Tax. This includes Rs 280 crore unearthed by the IT officials from both the Sates.
Hyderabad: Post demonetisation a total of Rs 760 crore of unaccounted money has been declared in Telangana State and Andhra Pradesh to the Income Tax. This includes Rs 280 crore unearthed by the IT officials from both the Sates.
Addressing a joint press conference on Pradhan Mantri Garib Kalyana Yojana (PMGKY) here on Monday, the Chief Commissioner of Income Tax Sushil Kumar and Director General of Income Tax (Investigations) Meena Nigam said the department had conducted 12 searches after the demonetisation which yielded Rs 280 crore of unaccounted money, including new currency notes to the tune of Rs 1.9 crore and 4.5 kg gold.
The department would continue its operations to weed out black money. It was against this backdrop that the Centre had come up with a new scheme of Pradhan Mantri Garib Kalyana Yojana (PMGKY) giving a last opportunity for the black money holder to come forward for voluntarily disclosure of their unaccounted money.
Giving the details of the Scheme, Sushil Kumar said the black money holders would get a chance till December 30 to deposit unaccounted cash in banks covered by Banking Regulation Act, Head Post Office and Sub-Post Office. He said the scheme of PMGKY has two components. The black money holder having unaccounted money can deposit it in the banks.
Fifty per cent should be paid as tax and a PMGKY bond has to be obtained with 25 per cent of the funds. Along with the proof of payment of 50 per cent tax and receipt of PMGKY bond, the depositor would have to file a declaration in a prescribed form before the Principal Income Tax Commissioners within their circle.
They can also file their declaration online. While cash has to be deposited before December 30, the filing of declaration can be made by March 31 next year, he added. The PMGKY bond would yield no interest and would have a lock-in period of four years. However, the 25 per cent of the remaining deposit could be used by the applicant the way he liked.
Those making discloser under the PMGKY would be given immunity from different laws, except those related to national security, narcotics and money laundering, he said Further, if anyone with the black money filed tax returns at the end of the 2016-17 financial year and declared unaccounted income would have to pay 60 per cent of such income as tax, 15 per cent as surcharge making it 75 per cent of the total discloser. It would also attract a possible prosecution, he said.
