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Last Chance To Declare Black Money

Mr. C.S. Sudheer | Updated On Wednesday, December 28,2016, 06:55 PM
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Last Chance To Declare Black Money

The Government had scrapped 500 and 1,000 rupee notes, on November 8th 2016. Now all the black money you have hidden, in old 500 and 1000 rupee notes under your mattress, is a waste. The Government has given you the chance to deposit, all old 500 and 1,000 rupee notes in the bank, by December 30th 2016. If you are an honest citizen who has earned income the right way, paying your income tax in time, you have nothing to fear. The Prime Minister says…Just deposit your old 500 and 1,000 rupee notes in the bank, up to any limits….then enjoy a good night’s sleep.

But what if you have black money, hidden in old 500 and 1,000 rupee notes in your house? Can you deposit this money in the bank? Would not the tax officer ask a lot of questions on how you got so much money?

Just depositing black money in the bank, does not change it to white money. Tax needs to be paid on this money. So what can you do to get out of this mess? The Government has given you a final chance to escape…The Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016. What is this Pradhan Mantri Garib Kalyan Yojana 2016? You better find out.  

Tax evasion is a crime. Tax avoidance is not. Find Tax Planning difficult? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

What is the Pradhan Mantri Garib Kalyan Yojana 2016?

The Pradhan Mantri Garib Kalyan Yojana 2016, is your last chance to convert black money to white. This scheme will start today, December 17th 2016. This scheme remains open till March 31st 2017. If you have black money in old 500 and 1000 rupee notes, just deposit this money in the bank and declare it under the Pradhan Mantri Garib Kalyan Yojana 2016, between December 17th 2016 to March 31st 2017.

You will be charged a tax of 50% on your undisclosed income (black money). This is 30% tax + 33% surcharge on this tax + 10% penalty. This works out to a tax of 50%.

There’s more…25% of the undisclosed income which you declare, will have to be mandatorily deposited in a zero-interest deposit scheme. This scheme is called Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. Your money is locked-in for 4 years. You cannot touch this money for 4 years.

If you declare black money under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, this information will be kept secret and confidential. You can also escape prosecution. The Government wants you to declare your black money voluntarily, under this scheme.

What happens to money in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016?

This money will be used for welfare schemes for the poor. Yes…your black money will be used to change the lives of poor citizens of India.

What happens if you don’t declare black money under this scheme?

You boldly deposit black money in the bank, in old 500 and 1000 rupee notes. This is unaccounted cash deposited in the bank. You hope to show this unaccounted money as income, while filing Income Tax Returns (ITR), instead of declaring this money under PMGKY 2016. If you are caught by the tax department, you would have to pay 77.25% in taxes + penalty.

If you don’t take advantage of this scheme and you are caught, you have to pay 85% penalty. You could even be prosecuted.

You can be a whistleblower for the tax department?

You know anyone who is hoarding black money? Be a whistleblower for the tax department. The Government has set up an email address; blackmoneyinfo@ incometax.gov.in. You can tip off the tax department if you know anyone, hoarding or laundering black money. This email id will be monitored by a cell.  Strict action will be taken against black money hoarders and money launderers, based on these tips.

Yes…if you have black money, the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 is an opportunity you cannot miss. There’s another reason why you should not miss this opportunity. The tax department is using big data analytical tools, to check personal bank deposits. If you are depositing black money in your bank account, you could easily be caught. There’s no human element…A machine is catching you. Be Wise, Get Rich.

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Article Author

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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