Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.
In Short
- Black money hoarders must avail Pradhan Mantri Garib Kalyan Yojna window to come clean.
- The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31.
- Identities of those who declare their black assets under this scheme will be kept secret.
As many as 54 chartered accountants and company secretaries are under scanner of the income tax (I-T) department and the Enforcement Directorate for money laundering through shell companies, according to sources.
The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.
The agency had arrested two people Virendra and Surendra Jain in connection with the case four days ago.
The agency is likely to send them notices soon for questioning, may initiate action under provisions of the Money Laundering Act.
These professionals are instrumental in circulating black money.
COME CLEAN BY MARCH 31: I-T DEPT TO BLACK MONEY HOARDERS
The income tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end Pradhan Mantri Garib Kalyan Yojna (PMGKY) window to come clean on their unaccounted wealth or "regret later".
The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31.
Advertisements issued in national dailies said that the income tax department has information about your deposits.
The department also said that total "confidentiality is ensured" to those who declare their black assets and funds under this scheme.
The department had also of late cautioned those who had undisclosed income to either avail this scheme or face stringent action under Benami laws, adding that the defaulters' names would also be shared with the central probe agencies like the Enforcement Directorate and the CBI.
DETAILS OF PENALTIES TAXABLE
The tax and penalty against those who hide their black money and fail to avail the PMGKY could go as high as 137 per cent of the cash deposits made, a senior officer had said, adding the department would not shy away from slapping the newly-enacted Benami Transactions Act against the defaulters.
The official explained that a person or entity that opts for PMGKY will have to pay 49.9 per cent tax on the income, whereas a person who does not avail the scheme but offers his black income in his Income Tax Returns will face a tax and penalty rate of 77.25 per cent.
The one who does not offer his stash funds under the scheme but is caught with undisclosed income in scrutiny assessment will face 83.25 per cent tax rate.
For those who do not declare their stashed wealth under the PMGKY and are raided will face 107.25 per cent tax and penalty if the undisclosed income is surrendered during the action.
Those who do not surrender such hidden income even during searches will stand to face the highest level of penalty and tax at 137.25 per cent.
The Benami Act invites rigorous imprisonment of up to seven years and the violators also stand to be charged under the I-T Act, besides being liable to pay fine up to 25 per cent of fair market value of benami property and other penalties.
(WITH PTI INPUTS)
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