Govt offers new income declaration scheme, asks citizens for tip-offs on black money
Revenue Secretary Hasmukh Adhia announced stringent penalties being prescribed in the new provisions, adding that declarations made under the new scheme will be kept confidential
The Centre on Friday announced a new black money disclosure scheme, titled the PM Garib Kalyan Yojana. Revenue Secretary Hasmukh Adhia announced stringent penalties being prescribed in the new provisions, adding that declarations made under the new scheme will be kept confidential.
"The scheme will start from December 17 and will run till March 31," said Adhia, adding the government wants people to contribute to the welfare of poor via the scheme.
He also informed that the government has erased loopholes of the existing I-T Act via amendments.
Immunity from criminal laws will not be there in the law and the information won't be shared for any tax purpose.
"We do not want tax officials to bother anyone. We have information and I-T will use it. Financial Intelligence Unit is providing us with all tax-related information," said Adhia warning that those who have deposited money in bank accounts should not think that they have escaped by depositing Rs 2 lakh in 10 different banks.
"We are getting data on suspicious deposits on a daily basis from banks. I-T department will probe on money deposited in bank accounts and clearance will be given only after deducting taxes from any such account," added Adhia.
Adhia said all the agencies are collecting information about daily deposits and payment of loans and added people can inform the government about people who convert black money at email@example.com.
"There could be more steps ahead but we can't disclose it now....We'll also investigate where we find misuse of provisions have happened with multiple accounts," said the revenue secretary. He also said that farmers having income more than Rs 2.5 lakh will have to submit PAN card.
CBDT chairman Sushil Chandra informed the media about the cash seizures and various actions taken by the government.
He said search and seizures in 291 cases after screening of data. Over 3,000 notices have been issued, Rs 316 crore has been seized of which Rs 80 crore is in new notes. Among the seizures, jewellery amounts to Rs 76 crore. Chandra said the admitted concealed income is about Rs 2,600 crore.
He said the methods used for converting black money include purchase of gold, backdating transactions, depositing cash in Jan Dhan accounts and loan repayments.