SHILLONG, Jan 16: Two and half months are available for any individual in Meghalaya and the Northeastern States who has not yet disclosed their hard cash. This was made amply clear by the Chief Commissioner of Income Tax (North Eastern Region) LC Joshi Ranee during an exclusive interaction with The Sentinel on Monday even as he propelled his department policies that followed after the demonetization programme carried out by the Union Government.
“Any individual disclosure of hard cash at this juncture will only have to pay the 50% tax with another 25 % of their amount to be considered as their own deposits for four years and another 25 % as the money that could be utilized”, stated the Chief Commissioner of Income Tax even as he said that the tax from the disclosures will be used for the Pradhand Mantri Garib Kalyan Yoj (PMGKY).
Disclosures in the form of explations of the source of income is being solicited and investigated by the Income Tax officials on the depositors after the November 8th, 2016 exercise, Ranee stated, besides adding that the uccounted money (layman perspective is black money) is expected to be known after March 31st. “We are verifying everyday and when things stabilizes the real picture will come out”, The Region IT Chief said. He also said that those who declared their uccounted money after the prescribed date are liable for 85% of pelty and prosecution, Ranee was also lucid that those who completed the formalities within the time frame will be immune from prosecution.
Going by the Public discernment in Meghalaya, the question is on how the barons-irrespective of their back grounds are going without the skeletons tumbling out of their cupboards. However, Ranee reiterated, “Let the investigation be completed and you will be let known about the good and bad money”.