January 19, 2017
The Income Tax (IT) Department has released a notification that people can disclose their unaccounted cash till March 31, 2017 under the black money disclosure scheme. They can only disclose their bank deposits and unaccounted cash through this scheme and not any other assets. This scheme does not apply to those who have not disclosed their undeclared income through the other two schemes that were announced earlier.
The department further said that people can pay tax with seized cash under the Pradhan Mantri Garib Kalyan Yojana and even those against whom the IT department has initiated a survey or search can make declarations under this scheme. This scheme was announced post demonetization and it paves the way for people with unaccounted cash to come clean by paying 50% of the amount as tax and by depositing 25% of the amount for 4 years at 0% interest under the Pradhan Mantri Garib Kalyan Deposit Scheme.
Declarations can be made under this scheme for all deposits made during any financial year till March 31, 2017. However, this scheme does not cover declarations made for income in the form of different assets such as immovable property, jewellery or stock etc.