PMGKY 2016

Analysis of Pradhan Mantri Garib Kalyan Yojana

Fema / RBI - Offering one last window to black money holders, the government has come out with a scheme giving black money holders time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetization....

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Summary of Cicular on Pradhan Mantri Garib Kalyan Yojna, 2016

Fema / RBI - The CBDT vide Circular No.43 of 2016 dated 27.12.2016 issued explanatory notes on provisions of the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojna, 2016 as contained in Chapter IX-A of the Finance Act, 2016. The summary of the same is given below....

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All you need to know about Pradhan Mantri Garib Kalyan Yojana, 2016

Fema / RBI - It’s time to be back to one-day matches after scruffing it out for almost 50 days during the demonetisation cycle. The Govt. has opened up its window for disclosures of income with a 49.9% tax rate under the Pradhan Mantri Garib Kalyan Yojana...

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How to fill 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 not provide immunity from FEMA, PMLA, Narcotics Act

Fema / RBI - Pradhan Mantri Garib Kalyan Yojana, 2016 provide no immunity from FEMA, PMLA, Narcotics and cover deposits made from November 10, 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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Salient features of Taxation Laws (Second Amendment) Act 2016

Fema / RBI - The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from tomorrow i.e.17th December, 2016 and to remain open for declarations up to 31st March, 2017. ...

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

S.O. 204(E) - (19/01/2017) - 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) appl...

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12 FAQs on Tax & Investment- Pradhan Mantri Garib Kalyan Yojana 2016

Circular No. 2/2017-Income Tax - (18/01/2017) - Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity ...

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Registration & Submission of Form V under PMGK Deposit Scheme

DGIT Notification No. 14/2016 - (30/12/2016) - Procedure for registration and submission of Form V for Reporting under Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016....

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Accept payment under PMGKY in old Bank Notes of Rs. 500 and 1000

F. No. 385/17/2016-IT(B) - (27/12/2016) - Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in Old Bank Notes of 500 and 1,000 denomination issued by the RBI....

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Pradhan Mantri Garib Kalyan Yojana, 2016- Clarifications

Circular No. 43/2016-Income Tax - (27/12/2016) - Explanatory Notes on Provisions of Taxation And Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 As Contained In Chapter IX-A Of Finance Act, 2016...

Read More

Recent Posts in "PMGKY 2016"

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

S.O. 204(E) (19/01/2017)

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....

Read More

12 FAQs on Tax & Investment- Pradhan Mantri Garib Kalyan Yojana 2016

Circular No. 2/2017-Income Tax (18/01/2017)

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity ...

Read More

Analysis of Pradhan Mantri Garib Kalyan Yojana

Offering one last window to black money holders, the government has come out with a scheme giving black money holders time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetization....

Read More
Posted Under: Income Tax |

Summary of Cicular on Pradhan Mantri Garib Kalyan Yojna, 2016

The CBDT vide Circular No.43 of 2016 dated 27.12.2016 issued explanatory notes on provisions of the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojna, 2016 as contained in Chapter IX-A of the Finance Act, 2016. The summary of the same is given below....

Read More
Posted Under: Income Tax |

All you need to know about Pradhan Mantri Garib Kalyan Yojana, 2016

It’s time to be back to one-day matches after scruffing it out for almost 50 days during the demonetisation cycle. The Govt. has opened up its window for disclosures of income with a 49.9% tax rate under the Pradhan Mantri Garib Kalyan Yojana...

Read More
Posted Under: Income Tax |

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 the Finance Act, 2016, by declaring them...

Read More

Registration & Submission of Form V under PMGK Deposit Scheme

DGIT Notification No. 14/2016 (30/12/2016)

Procedure for registration and submission of Form V for Reporting under Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016....

Read More

Accept payment under PMGKY in old Bank Notes of Rs. 500 and 1000

F. No. 385/17/2016-IT(B) (27/12/2016)

Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in Old Bank Notes of 500 and 1,000 denomination issued by the RBI....

Read More

Pradhan Mantri Garib Kalyan Yojana, 2016- Clarifications

Circular No. 43/2016-Income Tax (27/12/2016)

Explanatory Notes on Provisions of Taxation And Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 As Contained In Chapter IX-A Of Finance Act, 2016...

Read More

Tax under PMGKY scheme can be paid in Old Demonetised notes

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. ...

Read More
Posted Under: Income Tax |
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