New Delhi: Offering the last chance to black money holders, the Centre, has unveiled a new scheme under which those with undisclosed income and assets located in India can come clean by paying a tax of around 50 percent.
The new income disclosure scheme rolls out from today, and will run till 31 March
However, unlike the earlier income declaration scheme, a tax evader will have to first pay the tax, put money in the deposit scheme and then make a declaration—either online or at an income tax office.
The government also unveiled an e-mail address to allow people to send information about tax evaders.
Common citizens can play their part in curbing black money in the economy by emailing information about tax evaders to firstname.lastname@example.org.
The e-mail ID, email@example.com, will be monitored by a cell, and immediate action will be taken on the tip-off.
“A new e-mail ID created for people to give information on black money to tax authorities. People can give information about those trying to convert black money into white on this e-mail address,” said Revenue Secretary Hasmukh Adhia after the notification of PMGKY.