Drawing a line for disclosure under the new tax evasion amnesty scheme, the government today said only unaccounted domestic cash holding can be declared through it and not jewellery, stocks, immovable property or overseas accounts.
Under the Pradhan Mantri Garib Kalyan Yojana, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of it in taxes and surcharges.
Also, a quarter of the total sum is to be parked in a non-interest bearing deposit for four years.
In the second set of clarifications in form of Frequently Asked Questions (FAQs), the Central Board of Direct Taxes (CBDT) said the scheme provides for “only income represented in form of cash or deposit in an account can be declared”.
“The Scheme is hence not available for declaration of an income which is represented in the form of assets like jewellery, stock or immovable property,” it said.
On the issue of a person against whom a search/survey operation has been initiated, CBDT said such a person is “eligible to file declaration under the Scheme”.