Man deposits Rs 246 crore in bank, pays 46% tax under PMGKY

In one of the biggest deposits yet under the Pradhan Mantri Garib Kalyan Yojana scheme, a man hailing from Tiruchengode in Tamil Nadu has deposited an undisclosed income of Rs 246 crore in a public sector bank, Income Tax department officials said.

He has accepted to pay 46 per cent of the total sum as tax under the scheme, according to the officials.

While top IT officials declined to reveal the identity of the individual, they have confirmed to PTI that the individual hailing from the district deposited Rs 246 crore in the bank.

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“It is true. This man has deposited Rs 246 crore in that bank’s branch. Upon further investigation, he agreed to pay 46 per cent of it as tax under the Pradhan Mantri Garib Kalyan Yojana scheme,” they said.

The Pradhan Mantri Garib Kalyan Yojana Scheme allows an individual to disclose the income in the form of cash with a penalty totalling 46 per cent of the declared income. The scheme ends March 31, 2017.

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