CHANDIGARH: Making another attempt to stop laundering of black money, the
income tax (I-T) department on Monday urged the people to come forward and declare their unaccounted income.
The northern western region (NWR) principal chief commissioner of income tax (PCCIT)
Rajendera Kumar
said on Monday that those availing the scheme stood chances of escaping the penal liability under the Pradhan Mantri Garib
Kalyan Yojna
(PMGKY 2017) which concludes in March 2017.
So far, I-T sleuths have unearthed an unaccounted income of Rs 289 crore through various drives carried out during the period of demonetization, from November 8 to December 23, so far from Punjab, Haryana and Jammu and Kashmir.
Information from the I-T department’s NWR headquarters revealed that an amount of Rs 220 crore was detected from the 12 surveys carried out in Punjab, Himachal, Haryana and J&K.
An amount of Rs 27 crore of unaccounted wealth, 1kg of gold and Rs 5 crore in cash were recovered during five searches carried out in the region, said Kumar. While Rs 25 crore unaccounted cash and currency were recovered in 50 incidents where people were caught by police and were further handed over to tax sleuths in the areas.
Kumar refrained from commenting on overall recoveries in the region. However, he said the I-T department could intensify the search and seizure operations after the end of the current financial year.
“In that case, the assesee would face double the penalty, along with the criminal prosecution in accordance with the rules. We are hopeful of good disclosures under PMGKY 2017,” he said.
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