All declarations under the new black money disclosure scheme will be kept confidential.

Govt announces new black money disclosure scheme with 50 tax penalty
news Black Money Friday, December 16, 2016 - 17:59

The government on Friday announced that the window for black money disclosure scheme will be open from December 17, 2016 to March 31, 2017 and all disclosures made during this period will attract 50% tax and penalty.

Further, declarations under the new black money disclosure scheme will be kept confidential and the information will not be used for prosecution.

Revenue Secretary Hasmukh Adia said this while addressing a press conference on Friday and added, “We want people to join PM Garib Kalyan Yojana (PMGKY) and through this scheme contribute to the welfare of the people.”

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

Information will be provided on a daily basis on deposits in dormant and Jan Dhan accounts. Besides, raids are being carried out to recover unaccounted old and new currency, Adia said.  

A new email ID has also been created specifically for people to give information on black money to tax authorities.

Further, the Financial Intelligence Unit (FIU) is analyzing and monitoring deposits.  

Over Rs 316 crore, including Rs 80 crore in new notes have been seized in raids, besides jewellery of Rs 76 crore, the Central Board of Direct Taxes (CBDT) said.

The revenue secretary sounded a note of caution and said that the amount deposited in banks does not mean it’s white, unless tax is paid on it.

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