Government announces new income declaration scheme PM Garib Kalyan Yojana

New Delhi December 19 : Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, will start on December 17 and remain open until March 31 next year. Those who declare cash deposits under this will be levied a charge of 50%, which breaks down into 30% tax, 33% surcharge and 10% penalty. In addition to this, 25% of the amount declared will go into the non interest-bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years. PM Narendra Modi announced that Rs 500 and Rs 1,000 notes would cease to be legal tender on November 8. Later, the government said it would unveil one more window for black money holders after the Income Disclosure Scheme closed on September 30. Declarations under PMGKY will be confidential and those taking advantage of it will escape prosecution. ?The government has given a long window for the declarations because we want people to voluntarily come forward and make their declarations,? said Revenue Secretary Hasmukh Adhia while notifying the new scheme. The scheme was notified after the Taxation Laws Second (Amendment) Bill, 2016, came into force on December 15. The Bill was passed by the Lok Sabha but could not be taken up in the Rajya Sabha due to Opposition protests.Not declaring undisclosed cash or deposits in banks under the scheme now but showing it as income in the tax return form would attract a total of 77.25% in taxes and penalty. Rules and regulations1)People will have two forms and that should fill normal information.2)People should inform their account details of deposited 500,1000 notes3)They Should not ask this income for any circumstances4)People have to fill their name,house address,contact number,email,PAN card details.5)people have to submit the form to the Income TAX principal.6)last date of this application is December 30