The Union government said on Friday that they have time till March-end to come clean by paying 50% tax on bank deposits of junk currencies made after the demonetisation exercise.Offering tax dodgers confidentiality and immunity from prosecution under the new tax evasion amnesty scheme Pradhan Mantri Garib Kalyan Yojana, which commences on Saturday, Revenue Secretary Hasmukh Adhia said non-disclosure of deposits made in banks after the Rs 500 and Rs 1000 notes were junked will attract stiffer penalties as well as prosecution.

Not declaring 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.The disclosure scheme is part of The Taxation Laws (Second Amendment) Act, 2016, which was approved by the Lok Sabha earlier this month and has been given assent by the President later.

The PMGKY scheme that commences on December 17 will remain open for declarations up to March 31, Adhia told reporters. “Beginning tomorrow most of the banks will have challans to be filled for depositing tax for availing the PMGKY scheme.Only after payment of 50 per cent tax and setting aside the 25 per cent of the remaining undisclosed amount for 4 years, a person can avail the PMGKY scheme,” he said.


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