Team Herald

PANJIM: Avail Pradhan Mantri Garib Kalyan Yojna (PMGKY) by end of this financial year or face action, Income Tax Commissioner warns defaulters. 

Addressing reporters in Panjim Alka Tyagi, Principal Commissioner of Income Tax Goa said that the department has collected the data of all the defaulters and in case they fail to deposit unaccounted wealth the commission will scale up the searches and raids on the individuals and corporates.

“We feel people are not aware or they are not bothered but we have information already in our possession. Declare the unaccounted cash rather than taking action,” she warned the defaulters. 

She has said that the data have been accessed from various sources that include the banks and credit societies. 

The black money window of PMGKY is set to close of March 31, 2017 and the stash holder will be penalised with stringent action if found guilty in an action taken by the I-T. 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 March 31 we will be very strict in taking the acting, the penalty is 137% with imprisonment of maximum seven years if found faulty,” Ms Tyagi said.  

She mentioned that the average person has not realised about the data which is with I-T and that is the reason why some of the defaulters have not yet declared unaccounted cash. 

The Centre had come out with the PMGKY scheme after its decision to demonetise high value currency notes of Rs 500 and Rs 1,000 last year. Under the scheme, people can deposit their unaccounted cash in bank accounts till March 31 this year by paying 50 per cent tax plus penalty. A quarter of the total sum will also have to be parked in a non-interest bearing deposit for four years. The scheme had commenced in December  2016.

Income Tax officer has informed that over 500 notices are already served to the individual, corporate and private firms post demonetization whose cash deposit does not match with the returns filed. 

Officer informed that majority of them have already filed the reply and some of them have been finalised by the IT.