Reclaim your peace of mind… While there’s still time!

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

Scheme is open upto 31st March, 2017.

Main Features of Pradhan Mantri Garib Kalyan Yojana, 2016

• Declaration can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity*.

• Tax, surcharge and penalty totaling up to 49.90% of the Undisclosed Income to be paid.

• Mandatory deposit of 25% of the undisclosed income to be made in Pradhan Mantri Garib Kalyan Deposit Scheme,2016.

• The depositsare interest free and have lock-in period of four years.

Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY, 2016)

Mode of Making Decleration under Pradhan Mantri Garib Kalyan Yojana, 2016

• To be filed online at https:/lincometaxindiaefiling.gov.in or in print form to jurisdictional Pr. Commissioner/Commissioner of Income Tax alongwith proof of payment of tax etc. and deposit under the Scheme.

Immunity underPradhan Mantri Garib Kalyan Yojana, 2016

• Total confidentiality ensured.

• The income declared under the Scheme shall not be taxable underthe Income-tax Act, 1961.

• Immunity in respect of declaration made under the Scheme also available under all Acts other than those specified in Section 199-0 of the Scheme.

*Non declaration of such undisclosed income will be liable to tax, surcharge and cess @77.25% alongwith penalty and prosecution.

For clarifications please see: CBDT Circular No. 2 of 2017, dt. 18.01.2017

For queries please e-mail to: ts.mapwal@nic.in

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