Date for filing returns under PMGKY extended to 10 May
Extra time for filing returns is only for those who have paid taxes and penalty by the 31 March deadline
New Delhi: The income-tax department on Friday extended the deadline for filing returns under the black money disclosure scheme, Pradhan Mantri Garib Kalyan Yojana (PMGKY), until 10 May.
The extra time for filing returns is only for those who have paid taxes and penalty by the 31 March deadline.
These people have time till 30 April to make the compulsory deposit of 25% of the previously undisclosed income in the PMGK Deposit Scheme. The original deadline of 31 March for making the compulsory deposit was extended on Wednesday.
The scheme launched on 17 December allowed those holding unaccounted wealth to come clean by paying 30% tax, a surcharge of 33% on the tax amount and a 10% penalty on the previously unaccounted income. It also required depositing 25% of the undisclosed income in the scheme without interest for four years.
The tax department relaxed the original deadline as it coincided with the end of the fiscal year and people could not access relevant details of their payment for filing the return.
The scheme to disclose unaccounted wealth was launched after the 8 November decision of the government to discontinue high-value currency notes in a crackdown on black money and tax evasion.
The tax department subsequently launched a drive to analyse suspicious deposits and identified about 60,000 transactions for detailed probe. These are high-value property deals, outward remittances and large cash sales by merchants.
The tax law prescribes between 3 months-2 years of rigorous imprisonment and a fine for proven cases of “wilful attempt” to evade taxes less than or equal to Rs25 lakh. If tax evasion exceeds Rs25 lakh, the punishment is between 6 months-7 years of rigorous imprisonment and fine.