Pradhan Mantri Garib Kalyan Yojana (PMGKY)
2 years ago Sarkari user 0
Overview: Pradhan Mantri Garib Kalyan Yojana (PMGKY) notified along with other provisions of Taxation Laws (Second Amendment) Act, came into effect from 17 December 2016. It will remain open until March 31, 2017. Under the PMGKY scheme, its taxpayers responsibility to deposit 25% of the declared amount as interest-free deposits for four years. This is apart from the 50% tax that have to paid by declarants under the PMGKY scheme. The RBI had earlier said this deposit could be made with any banks. But now, cooperative banks have been barred from accepting such deposits. This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
The authorised banks have to electronically be a source to provide the details of deposit to the revenue department on the next working day to enable information based verification of the deposit before accepting the declaration under the PMGKY.
People who try to prevent their illegal who have already made the money, now to prevent these amount they are trying to hide it for their benefits but with the change in currencies this type of people come into serious problems with the unaccounted amount but they are charge with taxation policies legally.
Note: Policies for those who declare their entire amount infront of government then he/she is likely to pay investment and taxation regime for PMGKY 2016. He/she is assume to pay 30% of that undisclosed money and 10% as the penalty apart from these 33% taxation for PMGKY i.e. total up to 50% total undisclosed amount.
Note: If someone caught in case of any type of hide or anyone who is not declaring his undisclosed amount, then their is a chance of getting caught during investigation. You may have to pay more than 75% of total amount hide by you.
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