The government today asked people to email them if they find out about black money.
The government today gave three more months to people to come clean on their untaxed wealth under a scheme announced last month and get rid of the "black money" stain. Under the Pradhan Mantri Garib Kalyan Yojana, people can declare their illegal money and pay 50 per cent as tax till March 31, Revenue Secretary Hasmukh Adhia said. Urging people to email the government directly any information about black money, he also warned that all bank deposits made since the notes ban are under scrutiny. "All dots will be joined," he told reporters.
Those who fail to declare their untaxed income under the scheme have to pay 77 to 100 per cent in tax and fines.
After the ban on 500 and 1,000 rupee notes on November 8, a move aimed at choking tax evaders, around Rs 2,600 crore in undisclosed income has been admitted by taxpayers, the Finance Ministry said today.
The Garib Kalyan scheme, Mr Adhia said, is "not amnesty" but the last window to "move out of the black money system".
The government has also urged people to email any tip-off they have about black money. "We have set up a specific address for direct information on black money, which is blackmoneyinfo@incometax.gov.in," Mr Adhia said.
Those who declare their wealth under this scheme will also have to park a quarter of the sum in a non-interest deposit for four years.
Those with illegal wealth have a common modus operandi, said Mr Adhia, which includes deposits in multiple accounts, misusing Jan Dhan zero-deposit accounts for the poor and setting up fake companies.
"Everyone should remember that black deposits are being watched," Mr Adhia said, commenting that the idea is not to create an Inspector Raj but people "should realize that the department has information on people's deposits."
Central Board of Direct Taxes Chairman Sushil Chandra cautioned that tax authorities are checking all deposits in banks since November 8 and having these scrutinised by expert data analysts.
"All the money deposited in the bank is not white, until tax is paid as per law. So don't think that just because your black money has been deposited, it is white. There will be an investigation," said the top official.
Since the notes ban, around 316 crores has been seized in multiple raids by taxmen and around 80 crores is in brand new currency. Jewellery worth 76 crores has also been seized.
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