Notes ban: I-T dept gets over Rs 300 crore declarations under PMGKY

A top I-T department official confirmed that the declarations have reached "well above Rs 300 crore as per latest updated data."

By: PTI | New Delhi | Published:January 20, 2017 7:57 pm
Demonetisation, Black money, Income tax demonetisation, IT black money, Black money PMGKY Income Tax Department Building. (Express Photo by Vasant Prabhu)

The Income Tax department has received confirmations for over Rs 300 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. Officials said I-T department offices across the country have got a number of small to big declarations in this regard after the taxman launched a large number of search, survey, seizure and electronic database analysis operations to check stash funds hoarded or generated post the November 8, 2016 notes ban.

A top I-T department official confirmed that the declarations have reached “well above Rs 300 crore as per latest updated data.” An analysis report prepared in this regard, also accessed by PTI, said the latest declarations worth about Rs 140 crore have come from a clutch of over three dozen jewellers based in 16 cities of Maharashtra after the department carried out searches and surveys against them.

The report added that a prominent jeweller in Hyderabad has also approached the department to declare alleged black funds to the tune of Rs 100 crore after his claim of getting “advance money from over 5,200 customers on the night of November 8 last year was found wrong” post I-T probe and the local police and the Enforcement Directorate went on to register criminal cases under their respective laws in this instance.

A doctor in a western state is also understood to have approached the taxman to declare Rs 11.50 crore of stash funds, it said adding in an another case involving the same professional declarations worth Rs 7 crore are being made after the department nabbed the ‘benami’ owner of the black money as one taxi driver and later confronted him with the man whose money it was. A film producer based in Mumbai, it said, is also understood to have come forward to declare Rs 40 crore unaccounted income under the PMGKY which provides immunity from severe penalties and imprisonment under tax laws.

There are few more such cases, the official said, coming across from various parts of the country but collating them on a regular basis is a time taking affair. In a case in the national capital, an operative of hawala business has represented his case before the taxman to declare Rs 80 lakh stash funds under the PMGKY.

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. PMGKY was announced following the government’s decision to scrap Rs 500 and Rs 1,000 notes.

Offering tax dodgers confidentially and immunity from prosecution, PMGKY commenced on December 17, 2016 and will remain open up to March 31. 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 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.

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  1. B
    Big b
    Jan 20, 2017 at 2:42 pm
    Peanut compared to what spent on bogus note ban
    Reply
    1. J
      Jai hind
      Jan 20, 2017 at 3:05 pm
      300 ???/pheww.is it worth making a news. .fact it's a blow for The government ... To have only 300 CR out of 50k crores which hasn't come ..
      Reply
      1. A
        Anon
        Jan 20, 2017 at 3:56 pm
        Feku fakinglt;br/gt;Nothing will satisfy us
        Reply
        1. A
          anant
          Jan 31, 2017 at 4:36 pm
          So post demonetization , Only 300 crore black money has been declared under the PGKY scheme . Out of 15.4 Lakh Crores , almost all the money has been deposited . lt;br/gt;lt;br/gt;So where is the black money ?
          Reply
          1. G
            gogogo
            Jan 20, 2017 at 6:15 pm
            At least some people were forced to declare their black money, and more will do so till end of March. India needs to grow fear among the corrupt. An exemplary punishment in fine, and public declaration of name and shame will work better.
            Reply
            1. G
              gogogo
              Jan 20, 2017 at 6:16 pm
              Do not expect to overcome the disease overnight which has taken roots in the last seventy years.
              Reply
              1. K
                Kunhi Koya
                Jan 31, 2017 at 2:53 pm
                More than this amount could have been found if one month search operation is done by IT department. There was no need for such an announcement of De monetization.lt;br/gt;How long we should bear such an ignorant PM.lt;br/gt;PM should be punished for his ignorance.lt;br/gt;lt;br/gt;.
                Reply
                1. L
                  Legal
                  Jan 31, 2017 at 9:18 pm
                  300 cr black money has been declared 'voluntarily 'under PGKY schemelt;br/gt;=lt;br/gt;Govt has identified 6m new deposits totaling to 7 lakh cr as 'suious'lt;br/gt;-lt;br/gt;Notices are being sent to each of the 60 lakh depositors asking them:lt;br/gt;1. To explain source of money for the deposits made after demonetizationlt;br/gt;2. To prove that taxes have been paid on the deposits made after demonlt;br/gt;-lt;br/gt;Failure to convincingly satisfy the above points will entail paying up tax penalty upto 90% of the deposits. lt;br/gt;-lt;br/gt;This process will take upto 2 years but will make available a big bonanza of 4 lakh crore to the Govt in these 2 years. lt;br/gt;-lt;br/gt;300 cr black money has been declared 'voluntarily 'under PGKY scheme
                  Reply
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