last chance for Black money holders
Offering one last chance to black money holders, the Centre on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post note ban. Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme PMGKY, Revenue Secretary Hasmukh Adhia said non disclosure of deposits made in banks after the Rs 500 and Rs 1,000 notes were junked will attract stiffer penalties and prosecution.
Not declaring the black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25% in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10% penalty on tax will be levied followed by prosecution, he said.