NEW DELHI, Jan 22:
Warning black money holders that their undisclosed assets are “not hidden” from its gaze, the Income Tax department today advised them to avail the ongoing one-time disclosure window–PMGKY– to come clean on their stashed funds.
In advertisements released in leading national dailies, the department also published the salient features of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), 2016 which was announced by the government post demonetisation in November last year.
“Your undisclosed accounts or cash deposits are not hidden from us. “Helping the less fortunate can help you. Invest your undisclosed income in the PMGKY and accelerate the socio- economic growth of the deprived,” the department said in the advertisement which displayed pictures of banned Rs 500/1000 notes.
It cautioned that “non declaration of such undisclosed income will be liable to tax, surcharge and cess at the rate of 77.25 per cent along with penalty and prosecution.”
The department added that “total confidentiality is ensured” under the scheme that is open till March 31. (PTI)