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PMGKY: Make honest declarations I-T dept asks black money holders

Under the scheme people holding unaccounted cash can declare it and pay tax and penalty of 49.90%

Press Trust of India  |  New Delhi 

The Income Tax department on Thursday nudged blackmoney holders to make "honest" disclosures under the tax amnesty scheme — PMGKY (Pradhan Mantri Garib Kalyan Yojana) — warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution. In advertisements in leading dailies, the department said "like fingerprints, your blackmoney will lead us to you". "Non-declaration of such undisclosed income will be liable to tax, surcharge and cess at 77.25 per cent, along with penalty, prosecution and enforcement ...

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First Published: Thu, March 09 2017. 15:02 IST
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