After the demonetization there is again a chance of
declaration of Unaccounted money has been given to the Tax evaders. The ‘Taxation
and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016'
(PMGKY) is introduced. Such scheme will be effective from
17.12.2016 to 31.03.2017. The Department of Economic Affairs has issued a Notification
No.116 dated 16th December, 2016 for giving Rules for such scheme and a
separate notification has been issued for Pradhan Mantri Garib Kalyan Deposit
Scheme, 2016
The salient features of the
scheme are as under:
(i) 30% tax and 10% of penalty on such undisclosed income and 33% surcharge on tax on undisclosed income where as effective tax on such undisclosed income comes to 49.9% say 50% of the amount so declared.
(ii) 25% of such declared undisclosed
income post demonetisation has to be deposited in the Pradhan Mantri Garib
Kalyan Deposit Scheme for a lock in period of 4 years and such deposit will be
interest free i.e no interest will be paid.
Example :
Declared unaccounted Cash income
|
Rs.10,00,000
|
30% Tax on declared undisclosed cash income
|
Rs. 3,00,000
|
10% Penalty
|
Rs. 1,00,000
|
33% Surcharge on Tax
|
Rs. 99,000
|
25% of Such undisclosed declared income ( to be deposited in PMGKY,2016
for 4 years)
|
Rs.2,50,000
|
Available with the assessee/ declarant
|
Rs. 2,51,000
|
Update on 22.12.16 by the Govt
Payments towards Tax, Penalty, Surcharge
and Deposit under PMGKY 2016
As per
Notification on 22.12.16 - PMGKY, 2016 (
TheTaxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,2016) has
commenced on 17th December, 2016 and is open for declarations up to 31st March,
2017.
· Upto 30.12.16 such payments can be made in Old Demonetised
Currency notes of Rs.500/- and Rs.1000/-
· After 30.12.16 upto
31.03.17 the payments of tax and penalty can be made in new currency only.
· The payment of tax,
surcharge and penalty under PMGKY is to be made through challan No. 287
