ALSO READOp Clean Money: Undisclosed income of over Rs 250 cr detected I-T dept unearths syndicate exchanging old notes CBDT warns of penal action for any drastic revision in ITR Inflows into Jan Dhan A/Cs decline post govt warning: CBDT Income Tax dept sends 13 lakh messages under 'Operation Clean Money'
The CBDT will hold a high-level meeting later this week to review the progress in collections under the black money window of Pradhan Mantri Garib Kalyan Yojna (PMGKY), that will close on March 31.
They said the meeting will be chaired by CBDT Chairman Sushil Chandra along with other Members of the board and all Chief Commissioners of the tax department have been asked to attend the meeting that will be held via a video conferencing facility.
"The meeting will also review the tax collection work as the current financial year comes to an end on March 31," a senior official said.
The last cycle of advance tax collections has got over today and the meeting will review the overall progress to achieve the target of Rs 8.47 lakh crore in the 2016-17 fiscal.
After last year's demonetisation, the government came out with PMGKY under which people holding unaccounted cash can deposit them in bank accounts till March 31 by paying 50 per cent tax plus penalty.
A quarter of the total sum will have to be parked in a non-interest bearing deposit for four years.
The PMGKY commenced on December 17 and will remain open for declarations and deposits up to March 31.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)