Chennai: A man hailing from Tiruchengode in Tamil Nadu has deposited an undisclosed income of Rs 246 crore in a public sector bank, Income Tax department officials said. He has accepted to pay 46 per cent of the total sum as tax, according to the officials.
While top Income tax officials declined to reveal the identity of the individual, they have confirmed to PTI that the individual hailing from the district deposited Rs 246 crore in the bank.
"It is true. This man has deposited Rs 246 crore in that bank's branch. Upon further investigation, he agreed to pay 46 per cent of it as tax under the Pradhan Mantri Garib Kalyan Yojana scheme," they said.
The Pradhan Mantri Garib Kalyan Yojana Scheme allows an individual to disclose the income in the form of cash with a penalty totaling 46 per cent of the declared income. The scheme ends March 31, 2017.
While top Income tax officials declined to reveal the identity of the individual, they have confirmed to PTI that the individual hailing from the district deposited Rs 246 crore in the bank.
"It is true. This man has deposited Rs 246 crore in that bank's branch. Upon further investigation, he agreed to pay 46 per cent of it as tax under the Pradhan Mantri Garib Kalyan Yojana scheme," they said.
COMMENTS
Advertisement
High-Value Cash Transactions At Hotels, Hospitals Come Under Income Tax Scrutiny Finance Ministry Exempts Aadhaar Body UIDAI From Payment Of Income Tax Will Income Tax Ever Be "Almost Zero"? What Finance Minister Said Life On Earth Originates From One Ancestor, Older Than Previously Believed Send Reports Every 2 Hours: Centre To States On Kolkata Horror Protests Siddaramaiah's Swipe At Governor Amid Calls For Resignation: 10 Points 7 Magnitude Earthquake Strikes Off Russia, Tsunami Warning Issued Prohibitory Orders In Kolkata Amid Protests Over Doctor's Rape-Murder Gaza Records First Polio Case In 25 Years As UN Urges Vaccinations Track Latest News Live on NDTV.com and get news updates from India and around the world.