50 pc tax on black money disclosure; scheme opens tomorrow
December 16, 2016  17:06
Revenue Secretary Hasmukh Adhia is addressing a press conference in New Delhi.

He says: 

* "Unaccounted cash can be disclosed under Pradhan Mantri Garib Kalyan Yojana that comes with 50% tax and penalty starting from tomorrow till March 31, 2017."

* "We want people to join PM Garib Kalyan Yojana and through this scheme they contribute to welfare of the people."

* "Citizens can email the government to give information on black money. The information can be sent to blackmoneyinfo@incometax.gov.in"

* "Declarations under new black money disclosure scheme to be kept confidential; info not to be used for prosecution."

* Receipt of tax paid on deposits will have to be shown to avail disclosure scheme benefits, including immunity from prosecution."

* Financial Intelligence Unit is analysing and monitoring deposit information.

* Don't want inspector-raj to affect people, the people should understand that all information about their deposits is with the department.
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