Govt asks tax cheats to come clean by March 2017, sets up email for black money tip-offs

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The government on Friday said tax dodgers have time until 2017 March-end to come clean under a scheme unveiled by finance minister Arun Jaitley in November.

Revenue secretary Hasmukh Adhia told reporters that those who fail to declare their untaxed income under the scheme will have to pay minimum 77%‚ÄČand up to 100%‚ÄČin tax and fines.

The government also said a new email ID had been created for people to give tip-offs on black money to tax authorities.

On November 28, Jaitley introduced the Pradhan Mantri Garib Kalyan Deposit scheme that will charge 50% tax on unaccounted cash. An individual making the declaration will also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

The proposal was the latest in a series of high-stakes policy moves by the government, three weeks after it ordered the draining out of 86% of cash in the economy to fight corruption and counterfeiting. The rollout of new bank bills to replace banned 500-and 1,000-rupee notes has been bumpy, with the government announcing near-daily changes in rules to manage the transition.

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