Government releases email id for tip-offs on black money hoarders
The revenue secretary made it clear that declarations under the new black money disclosure scheme will be kept confidential.
In what can be called a bid to draw public support in unearthing black money, the government has announced an email ID for whistle-blowers to send any information about possible conversion of black money by individuals.
The move, however, doesn't seem to affect political parties as Revenue Secretary Hasmukh Adhia said if the deposits are in bank accounts held by political parties, they would attract no tax.
“Dekhiye, if it is a deposit in the account of political parties, they are exempt. Lekin agar individual ke account mein, kisi ke bhi account mein jama ho raha hai, toh woh toh definitely the information will come on our radar (See, if it is a deposit in the account of political parties, they are exempt. But if it is deposited in any individual account, in anyone’s account, that information will definitely come on our radar)," Adhia said, according to the report.
The report added that Finance Ministry officials, however, said that the tax exemption to political parties will be subject to existing conditions in the law. According to Section 13A of the Income-tax Act, political parties are exempt from income tax provided they maintain books of accounts and record details of individuals making donations over Rs 20,000.
"We want people to join the PM Garib Kalyan Yojana and through this scheme they can contribute to the welfare of the people," the revenue secretary said.
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.
Announcing the email id email@example.com, the government urged people to mail any information about people who have black money. Tax disclosure scheme PM Garib Kalyan Yojana, which opens on Saturday, will close on March 31, 2017. "Disclosures under the scheme will attract 50% tax and penalty," the revenue secretary said.