Govt announces new income disclosure scheme

NEW DELHI: The government on Friday urged people to take advantage of the last window for disclosing black money and make declarations under the PM Garib Kalyan Yojana that opens on Saturday even as it sought information from public on those trying to hide their money."We want people to join the PM Garib Kalyan Yojana and through this scheme they can contribute to the welfare of the people," revenue secretary Hasmukh Adhia said.The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.The government also released an email id blackmoneyinfo@incometax.gov.in and urged people to mail any information about people who have black money.Tax disclosure scheme PM Garib Kalyan Yojana, which opens on Saturday, will close on March 31, 2017."Disclosures under the scheme will attract 50% tax and penalty," the revenue secretary said.The revenue secretary made it clear that declarations under the new black money disclosure scheme will be kept confidential."The information will not to be used for prosecution," he said."Receipt of tax paid on deposits will have to be shown to avail disclosure scheme benefits including immunity from prosecution," the government said.The government once again warned people that a strict vigil was being kept on all the money that was being deposited in the banks."People should not think that they can get away by depositing money in multiple accounts. Financial Intelligence Unit is analysing and monitoring deposit information," Hasmukh Adhia said."Mere depositing of money will not turn it white, we will match the deposits with the income tax declarations and known sources of income," he said.The government said that a total of Rs 393 crore of cash and jewellery has been seized as of now of which Rs 316 crore is cash and the rest bullion and jewellery.Of the Rs 316 crore, Rs 80 crore is in new currency, the government disclosed.The government also said that the raids have revealed Rs 2600 crore of concealed income.