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Govt extends date for declaring black money till May 10

This has come within days of extending the date for making deposits

Press Trust of India  |  New Delhi 

Photo: Shutterstock
Photo: Shutterstock

The government on Friday said declarations by holders about tax payment and deposits under the (PMGKY) can be made till May 10. This has come within days of extending the date for making deposits as part of the tax amnesty scheme till April 30. "The CBDT has extended the date of filing of the under the to May 10 in cases where tax, surcharge and penalty... Has been paid on or before March 31 and deposit under the Deposit Scheme has been made on or before April 30," an official statement said. The form under the programme can be filed by a person online after uploading scanned copies of proof of payment of taxes and deposits in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. Form 1 is a form about the amount held in cash or deposit in an account maintained with bank and post office.

This form has to be uploaded on the e-filing website. Upon uploading this form, the principal commissioner or commissioner of the jurisdiction where the has been filed will issue an acknowledgement to the declarant. The PMGKY, which opened on December 17, 2016, provided the last chance to holders of undisclosed income to come clean by paying tax and penalty. The scheme closed on March 31. It provided for payment of 49.9 per cent tax, surcharge and penalty. Also, a mandatory deposit of 25 per cent of the was to be made in the zero-interest-bearing account for four years.

First Published: Fri, April 21 2017. 20:05 IST