TN man deposits Rs. 246 crore through PM Garib Kalyan Yojana, will pay 45% tax: Report
A businessman based in Tiruchengode at Namakkal district in Tamil Nadu, whose identity has not been revealed yet, has reportedly deposited a whopping Rs. 246 crore rupee in cash at an Indian Overseas Bank, according to a report by B Sivakumar for the Times of India.
According to the report, I-T officials told TOI that the man was being tracked for 15 days after he deposited the case in demonetized currencies, and though he tried to hide initially, after 15 days he agreed to join the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay 45% of the total money as tax.
The report further states that more than 200 individuals and companies have deposited about Rs. 600 crore in unaccounted money in various bank accounts in Tamil Nadu and Puducherry since demonetisation was announced.
“Most of them have joined the PMGKY scheme, which comes to an end on March 31. We hope the total unaccounted money will go up to Rs. 1,000 crore before the month end. We are also warning people who are still not on board that the heat will increase from April 1,” the official told TOI.
Under PMGKY, people with unaccounted money can deposit the money in cash, cheque, demand draft or electronically in any bank where direct tax payments are accepted.
50% of the money is taxed, while 25% of the amount will be kept as a non-interest four-year bond with the RBI. The rest can be utilised.
However, any money obtained from money laundering or any other criminal activity would not be accepted.
By December 2016, just a month after the move to choke the flow of black money, the government uncovered concealed income to the tune of Rs 2,600 crore and seized a total of Rs 393 crore involving nearly 300 cases.
"Admitted concealed income on the basis of our survey of data till date is Rs 2,600 crore," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra told reporters on December 17.