Tax disclosure scheme available from Dec 17 to March 31 next year; to attract 50% tax and penalty: Revenue Secretary Adhia

Revenue Secretary Dr Hasmukh Adhia on Friday announced a final opportunity for people to turn their black money into white by declaring it and investing in PM Narendra Modi's flagship programme for rural development. 

Addressing the media in New Delhi on Friday, Dr Adhia revealed that unaccounted cash be declared under PMGKY and by paying 50 per cent tax. The scheme will be notified on Saturday and will be available till March 31, 2017. 

"We want people to join PM Garib Kalyan Yojana and through this scheme they contribute to welfare of the people," Revenue Secy, Hasmukh Adhia said.

Also present at the press conference, CBDT chairman said that, so far investigative agencies have 'seized cash of more than Rs 316 crore, out of which new currency is above Rs 80 cr, jewellery 76 cr, total seizure 393 cr'.

Here are the top highlights of the press conference: 

Revenue Secy Hasmukh Adhia

#Unaccounted cash can be disclosed under PMGKY that comes with 50 per cent tax and penalty starting from tomorrow till 31st March, '17

#We want people to join PM Garib Kalyan Yojana and through this scheme they contribute to welfare of the people

#Declarations under new black money disclosure scheme to be kept confidential

#People can give info. about conversion of black money into black/white to govt, email address created to get such info - blackmoneyinfo@incometax.gov.in

#Financial Intelligence Unit is analysing and monitoring deposit information

#Don't want inspector-raj to affect people, the people should understand that all information about their deposits is with the dept

#Amount deposited in banks does not mean it's white, unless tax is paid on the amount

Last chance to declare #blackmoney, invest in PM Modi's flagship programme #PMGKY : #RevenueSecy @adhia03 https://t.co/2aLgopd3Rq pic.twitter.com/DvjAMuOKZn

— News Nation (@NewsNationTV) December 16, 2016

CBDT Chairman Sushil Chandra (Read full story here)

#So far,have seized cash of more than Rs 316 crore, out of which new currency is above Rs 80 cr, jewellery 76 cr, total seizure 393 cr

#We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases

#Judge decided he’ll take my arguments on record;posted for Jan 11 and there he'll hear me as I'm arguing that ED should further probe case

#We have also issued around 3000 notices on the basis of deposits in bank accounts