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Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

199C 1. Any person may make a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with specified entity on or before 01.04.2017.

2. No deduction will be allowed in respect of any expenses, allowance or set-off of any losses from the above undisclosed income.

Explanation:Specified Entity shall mean-

a) RBI

b) Any Banking Co. or Co-operative Bank

c) Any Head Post office or Sub-Post Office

d) Any other entity as may be specified by the CG.

199D 1. A person shall pay tax @ 30% on the Income Disclosed under Section 199C.

2. Pradhan Mantri Garib Kalyan Cess shall be levied @ 33% on above tax.

199E 1. A person shall liable to pay penalty @ 10% on the Income Disclosed under Section 199C. This penalty is in addition to Tax calculated under section 199D.
199F 1. A person shall deposit an amount not less than 25% of Income disclosed u/s 199C in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

2. The deposit made by any person shall not bear any interest and amount will be blocked for 4 years from the date of deposit.

199G Declaration must be made by the person Authorised u/s 140 of the act.
199H 1. Tax, surcharge and penalty shall be paid before filing declaration u/s 199C.

2. Deposit u/s 199F shall be made before filing declaration u/s 199C.

3. Declaration shall be accompanied with the proof of deposit of Tax, Surcharge, penalty and deposit made u/s 199F.

199I Income disclosed u/s 199C shall not be included for any assessment year.
199K Tax, surcharge and penalty shall not be refundable.
199M If declaration made by misrepresentation or suppression of facts or without payment tax, surcharge, penalty and deposit made u/s 199F, such declaration shall be void.

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May 2024