Deposit Black Money till Midnight, Says IT Department !

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Pradhan Mantri Garib Kalyan Yojana (PMGKY)

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.

For the ones who opt PMGKY

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 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%

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Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
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Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates December 2018
State Bank of India/SBI8.75% - 9.35%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.85% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.10% - 9.35%
Axis Bank8.85% - 9.10%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%