PMGKY 2016

What will happen after submission of response to notices on cash deposits during demonetization

Fema / RBI - The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

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Lovers of Money and tax non-compliance society

Fema / RBI - The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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How to submit deposit details in Form V (PMGK Deposit Scheme 2016)

Fema / RBI - As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of deposits made under PMGK in Form V not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration....

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How to Submit Form 1 (Pradhan Mantri Garib Kalyan Yojana, 2016)

Fema / RBI - As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2....

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PMGKY 2016: Reclaim your peace of mind

Fema / RBI - Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 Can help you come clean while contributing to nation building endeavours...

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Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Fema / RBI - Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016 ...

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Co-operative Banks barred from accepting deposits under PMGK Deposit Scheme

Fema / RBI - It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposit in the form of Bonds Ledger Account shall be received by any banking company, other than Co-operative Banks, to which the Banking Regulation Act, 1949 (10 of 1949) applies....

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Tax under PMGKY scheme can be paid in Old Demonetised notes

Fema / RBI - Up to 30.12.2016 payment towards tax, penalty and deposit under Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Bank Notes of Rs. 500 and Rs.1,000 denomination issued by RBI. ...

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No new exemption to Political parties post demonetisation : FM

Fema / RBI - Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act, 2016 ...

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CBDT enables e-Filing of Form 1 (PMGKY, 2016)

Fema / RBI - Form 1 (PMGKY, 2016) is available for e-Filing. As per the Pradhan Mantri Garib Kalyan Yojana, 2016, a declaration of income in the form of cash or deposit in an account maintained with a specified entity and The amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 shall be made in Form-1. Form 2 […]...

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Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court) - In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

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SC dismisses writ on Pradhan Mantri Garib Kalyan Yojana tax scheme

Siddharth Mehta Vs.Union Of India And Anr (Supreme Court) - Writ been filed in SC requesting to quashing/setting aside penalty, surcharge and also provisions for lock-in/withholding of 25% of disclosed income for 4 years under the Taxation Laws (Second Amendment) Bill, 2016, (Pradhan Mantri Garib Kalyan Yojna, 2016), i.e. Section 199D(2), 199E and 199F of ...

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Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

Notification No. IDMD.CDD.No. 2347/14.04.051/2016-17-RBI - (16/03/2017) - Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt....

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Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 8/2017-Income Tax - (14/03/2017) - Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme....

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Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

F.No. 370/06/2016-IT(B) - (22/02/2017) - It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons....

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Verification of Cash deposit during demonetisation by AO -CBDT issues guidelines

Instruction No. 03/2017 - (21/02/2017) - Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transacti...

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Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme

1. S.O. - (07/02/2017) - Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.O.4061 (E). dated December 16, 2016 and amendment vide Notification No. S.O. 204(E) dated January 19, 2017....

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Recent Posts in "PMGKY 2016"

Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

Notification No. IDMD.CDD.No. 2347/14.04.051/2016-17-RBI (16/03/2017)

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt....

Read More

Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 8/2017-Income Tax (14/03/2017)

Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme....

Read More

What will happen after submission of response to notices on cash deposits during demonetization

The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

Read More
Posted Under: Income Tax | ,

Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

F.No. 370/06/2016-IT(B) (22/02/2017)

It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons....

Read More

Verification of Cash deposit during demonetisation by AO -CBDT issues guidelines

Instruction No. 03/2017 (21/02/2017)

Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with th...

Read More

Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court)

In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

Read More

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

Read More
Posted Under: Income Tax |

How to submit deposit details in Form V (PMGK Deposit Scheme 2016)

As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of deposits made under PMGK in Form V not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration....

Read More
Posted Under: Income Tax |

How to Submit Form 1 (Pradhan Mantri Garib Kalyan Yojana, 2016)

As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2....

Read More
Posted Under: Income Tax |

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016 ...

Read More
Posted Under: Income Tax |
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