Deposit Black Money till Midnight, Says IT Department !

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Today is the last day to declare your undisclosed income, which is actually black money, under Pradhan Mantri Garib Kalyan Yojana (PMGKY). Hold your horses for a moment, you have time until midnight so there is still a final chance to pay your taxes!

As per an order issued by the CBDT,

All designated offices of the Income Tax department which can accept declarations under the black money window of PMGKY will remain open until midnight of March 31.

A person or entity who opts to disclose his black money via PMGKY will be levied a tax of 49.9%

For the ones who declare without PMGKY

A person who does not opt for the scheme but offers his black income in his Income Tax Returns will face a tax and penalty rate of 77.25%.

For the ones who are caught sans disclosure

The one who does not offer his stash funds under the scheme but is caught with undisclosed income in scrutiny assessment will face 83.25% tax rate

For the ones who didn't declare under scheme and are raided

People who do not declare their stash under the PMGKY and are raided will face 107.25% tax and penalty if the undisclosed income is surrendered during the action.

For those beyond ...

Those who do not surrender their hidden income even during searches will stand to face the highest level of penalty and tax at 137.25 %

Must Read  Submit your Form 1 by April 10 under PMGKY