Black money holders to become white

New Dehli March 10: There is still time for black money holders to deposit their money for a special cause which was started by PM Narendra Modi called 'Pradhan Mantri Garib Kalyan Yojana' which helpful for the poor people to marry.

Warning that the black money was traceable to its holders like one's fingerprints, the Income Tax Department on Thursday asked people to come clean and pay 49.90 per cent tax on undisclosed income under Pradhan Mantri Garib Kalyan Yojana by March 31.

"Like fingerprints, your black money will lead us to you! The Income Tax Department has information about your undisclosed income and assets," it said in an advertisement in national dailies here.

Non-declaration of such undisclosed income will be liable to tax, surcharge, and cess of 77.25 per cent along with penalty, prosecution and enforcement actions, the department said.



Refuting that the advertisement was a veiled warning, Central Board of Direct Taxes (CBDT) spokesperson said: "It's a window of self-compliance being provided for a full and honest disclosure."

"Make your full and honest disclosure under Pradhan Mantri Garib Kalyan Yojana 2016 by March 31 to come clean and help the underprivileged," it said.