NEW DELHI: The Income Tax department today said now-defunct Rs 500 and Rs 1,000 notes can be used till December 30 for paying tax on disclosures made under the tax evasion amnesty scheme.
The Government has come out with Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, under which those with unaccounted cash were offered a chance to come clean by paying 50 per cent of it as tax, penalty and surcharge, while parking an additional 25 per cent in a non-interest bearing deposit for four years.
“It is stated that up to December 30, 2016, the payment towards tax, surcharge, penalty and deposit under the PMGKY can be made in old bank notes of rupees 500 and rupees 1000 denomination issued by the RBI,” a finance ministry statement said.
The PMGKY scheme opened on December 17, 2016, and people can declare unaccounted cash or bank deposits up to March 31, 2017.
The payment of tax, surcharge and penalty under the scheme is to be made through challan ITNS- 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, the statement added. (AGENCIES)