People with unaccounted cash: Here’s how the I-T department is watching you

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, according to an agency report.

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.

The I-T department, official sources had told PTI, has received confirmations for over Rs 300 crore declarations from across the country till now as part of this ongoing black money window.

Under the PMGKY, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of it in taxes and surcharges.

Also, a quarter of the total sum is to be parked in a non-interest bearing deposit for four years.

Offering tax dodgers confidentially and immunity from prosecution, PMGKY commenced on December 17, 2016 and will remain open up to March 31.