Penalties Post March 31,2017 For Not Declaring Black Money

With the scheme to declare unaccounted income – the Pradhan Mantri Garib Kalyan Yojana (PMGKY) coming to an end on March 31, 2017, the income tax department on Friday March 31,2017 warned black money holders to make use of the remaining period or face stringent action under Benami laws.

 Here’s a look at the tax rates, those who don’t declare their black money, will have to pay when caught.