Pradhan Mantri Garib Kalyan Yojana will become operational
TIA NEWS
The Taxation Laws (Second Amendment) Act 2016 has come into force which has provisions of levy of a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation. While higher taxes and stiffer penalty of up to 85 per cent in respect of those found to be involved in conversion of black money into white.
The money collected from taxes and penalty on undisclosed incomes will be deposited in the Pradhan Mantri Garib Kalyan Yojna, which in a part of the Act. The scheme will commence from tomorrow and remain open for declarations up to 31st of March next year. Briefing reporters in New Delhi today, Revenue Secretary Hasmukh Adhia said, the money generated from disclosure of unaccounted cash will be used for welfare scheme.
Mr. Adhia said, declarations made under the scheme will be kept confidential and appealed people who are having undisclosed income to come forward. He also said, people can also give information about blackmoney on the e mail ID- blackmoneyinfo@incometax.gov.in
CBDT Chairman Sushil Chandra said, the department has issued around 3000 notices on the basis of deposits in bank accounts and have seized 316 crore rupees in cash. Out of which cash in new currency is above 80 crore rupees and jewellery worth 76 crore rupees. The total seizure is about 393 crore rupees. He said, 2600 crore rupees of undisclosed income has been admitted by the taxpayers post -demonetization.
Earlier, President Pranab Mukherjee gave his assent to the The Taxation Laws (Second Amendment) Bill. It was passed by Lok Sabha last month as a money bill without discussion. Later, the Bill was sent to the Rajya Sabha but it could not take up the legislation following the deadlock between the government and the op