Here’s your last chance to come clean of black money till March 31

Anyone having unaccounted money stacked at home is being given a last chance to come clean. The scheme called Pradhan Mantri Garib Kalyan Yojana (PMGKY) has been brought post demonetisation to make sure nobody has unaccounted cash at home anymore. The scheme will be available till March 31.

After paying the tax and penalty, the holders of this black money are free to go. However out of the unaccounted money, there will be a charge of 50%, which includes 30% tax, 33% surcharge and 10% penalty. Moreover, the declarant would require to pay 25% of the undisclosed amount as a donation to PMGK deposit scheme.

In Pune, the Income Tax department has already started raiding big businessmen who are rumoured to have stacked money even after demonetization.

Since demonetisation, the I-T department has stepped up pressure to ensure that black money holders do not go scot free. Several search-and-survey operations carried out across the country have revealed large-scale irregularities. Investigations by the I-T authorities in Hyderabad have shown that those facing the heat from the tax department may prefer to opt for the PMGKY, sources told the Economic Times.