CBDT to hold review meeting on Pradhan Mantri Garib Kalyan Yojna, tax collection

NEW DELHI: The CBDT will hold a high-level meeting later this week to review the progress in collections under the black money window of Pradhan Mantri Garib Kalyan Yojna (PMGKY), that will close on March 31.

Officials said the Central Board of Direct Taxes (CBDT), the policy-making body of the Income Tax Department, will hold the meeting with all the regional heads of the department on March 17.

They said the meeting will be chaired by CBDT Chairman Sushil Chandra along with other Members of the board and all Chief Commissioners of the tax department have been asked to attend the meeting that will be held via a video conferencing facility.

"The meeting will also review the tax collection work as the current financial year comes to an end on March 31," a senior official said.

The last cycle of advance tax collections has got over today and the meeting will review the overall progress to achieve the target of Rs 8.47 lakh crore in the 2016-17 fiscal.

After last year's demonetisation, the government came out with PMGKY under which people holding unaccounted cash can deposit them in bank accounts till March 31 by paying 50 per cent tax plus penalty.

A quarter of the total sum will have to be parked in a non--interest bearing deposit for four years.

The PMGKY commenced on December 17 and will remain open for declarations and deposits up to March 31.