Use old notes to pay taxes, penalty under IDS: Modi govt

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NEW DELHI: The government has said old notes of Rs 500 and 1,000 can be used to make the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the latest black money disclosure scheme.

The scheme commenced on 17th December, 2016 and is open for declarations upto 31st March, 2017.
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The payment of tax, surcharge and penalty under the Scheme is to be made through challan ITNS- 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme,2016, a finance ministry statement said on Thursday. Declarations under PMGKY would be subject to a total tax of about 50% and a quarter of the amount declared would be locked in interest-free deposit for four years