New Delhi: The income tax department has received confirmations for over Rs300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation. A film producer based in Mumbai, it said, is also understood to have come forward to declare Rs40 crore unaccounted income under the PMGKY which provides immunity from severe penalties and imprisonment under tax laws. Under the PMGKY, undisclosed income deposited in any bank or post office account can be declared by paying 50% of it in taxes and surcharges. Offering tax dodgers confidentially and immunity from prosecution, PMGKY commenced on 17 December, 2016 and will remain open up to 31 March. Not declaring black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25% in taxes and penalty.

Source: Mint January 20, 2017 15:41 UTC