PM Garib Kalyan Yojna: Disclosures to be confidential; only attract 50% tax and penalty

By: |
December 16, 2016 5:12 PM

Revenue Secretary Dr Hashmukh Adhia on Friday addressed the media and informed about the rules of the Prime Minister Garib Kalyan Yojna that have been formulated.

tax evasion, tax evaders, prime minister garib kalyan yojna, hasmikh adhia, dmonetisationSpeaking about the new amendment, Dr Adhia said that the disclosures would attract 50% tax and penalty. (Reuters)

Revenue Secretary Dr Hashmukh Adhia on Friday addressed the media and informed about the rules of the Prime Minister Garib Kalyan Yojna that have been formulated. He said that the PM Garib Kalyan Yojna would start from December 17 and run through March 31. Dr Adhia said that they have plugged in the loopholes in the Income Tax Act via amendments. Adhia said that the government wanted engaging more and more people towards the income disclosure. He said that the disclosure in the new tax disclosure scheme would be confidential and would not be used for prosecution.

Speaking about the new amendment, Dr Adhia said that the disclosures would attract 50% tax and penalty. The collected tax and penalties would be used in the funds for the PM Garib Kalyan Yojna. Adhia said that the government was getting suspicious data from on deposits in dormant, Jan Dhan accounts among other bank accounts on daily basis and one could not get away by depositing Rs 2 lakh in 10 different bank accounts. Adhia warned that the government would take strict actions against those who fail to avail the new tax scheme.

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Addressing the media nd informing about the procedure of the new Pm Garib Kalyan Yojna, Dr Adhia said that a new email id had been created for the people to give information on black money to the tax authorities. This scheme and amendment come after a month of the announcement of the demonetisation scheme by the Prime Minister on November 8,; the main objective of such an implementation being the kerbing down of the flow of black money in the country.

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