NEW DELHI: With the black money window of PMGKY set to close soon, the I-T department today warned the stash holders to avail the scheme or face stringent action under Benami laws, adding that the defaulters’ names will also be shared with the central probe agencies.
“The Pradhan Mantri Garib Kalyan Yojna (PMGKY) is the last available opportunity to come clean and avoid harsh steps (from the Income Tax department). After the scheme closes, stringent action will be taken against persons who have deposited unaccounted cash but failed to disclose it before the law,” a senior I-T officer said.
The tax and penalty against those who hide their black money and fail to avail the PMGKY could go as high as 137 per cent of the cash deposits made, the officer said, adding the department will not shy away from slapping the newly enacted Benami Transactions Act against defaulters.
He said the Central Board of Direct Taxes (CBDT), the policy-making body of the I-T department, has recently asked the taxman to file prosecution cases against those who do not disclose their illegal deposits either under ‘Operation Clean Money’ or avail the PMGKY. (AGENCIES)
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