New Delhi, December 12: As per a government official, government may notify this week a scheme that would grant tax dodgers another chance to come clean by paying 50 per cent of tax on demonetised unaccounted income deposited in the banks.
By end of this week, the Department of Revenue is going to notify details of Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 which is a part of The Taxation Laws (Second Amendment) Bill, 2016′ approved by the Lok Sabha on November 29.
The notification is also likely to specify that the disclosures in PMGKY will also ensure that no questions will be asked about the source of fund and there would be immunity from Wealth Tax, civil laws and other taxation laws.
But there is no immunity from FEMA, PMLA, Narcotics and foreign Black Money Act
As per a government official, “The notification will provide details as to how declarations are to be made (format) and the manner of paying taxes, whether in instalments or in full. It will also provide an end date to the PMGKY scheme…The 14 day period comes to an end on December 14. After that it will be presented to the President for his assent and thereafter, will be notified this week,” the official added.
Under PMGKY, 50 per cent of levied taxes and surcharge on declarations of unaccounted cash is to be deposited in banks. Declarants are also required to park a quarter of the total sum as a deposit for four years.