Pradhan Mantri Garib Kalyan Yojana comes into effect today
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) came into effect from 17 December 2016. It will remain open until March 31, 2016. Any unaccounted cash or deposit in a bank account can be disclosed under the scheme before April 1, 2017.
The PMKGY provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks. Declaring of undisclosed income needs to pay 30 per cent tax, 10 per cent penalty and 33 per cent Pradhan Mantri Garib Kalyan Cess on the tax, all of which add up to around 50 per cent.
The income declared under it will not be included in the total income of the declarant under the Income-tax (IT) Act for any assessment year.
Revenue Secretary Hasmukh Adhia said, declaration of undisclosed income under it can be made by any person in the form of cash or deposits in an account with bank or post office or a specified entity.
Adhia said, the money generated from disclosure of unaccounted cash will be used for this yojana. He said, declarations under new black money disclosure scheme will be kept confidential.
Adhia appealed people who are having undisclosed income to come forward. He also said, people can also give information about black money on the e mail ID- firstname.lastname@example.org://www.goinews.com/2016/12/17/pradhan-mantri-garib-kalyan-yojana-comes-effect-today/BusinessDeMonetisation,Income Tax,PMGKY,Pradhan Mantri Garib Kalyan Yojana,Undisclosed income