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A Window To Black Money Hoarders

Window To Black Money Hoarders

Those Who Choose To Declare

Undisclosed wealth in banned Rs 500 & 1,000 notes:
  • 30% Tax + 10% Penalty + +10% surcharge

50% total tax on amount deposited

  • Further, the declarants have to deposit 25% of the amount disclosed in Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) without interest with a 4 year lock-in

Those Who Don't Declare And Are Caught
  • Flat 60% Tax + 15% surcharge
75% in all
  • Further assessing officer has the discretion to levy 10% penalty in addition to 75% tax depending on nature of disclosure
  • In that case, 85% awaits those who don't disclose willingly