PMGKY 2016

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

Income Tax - 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

Income Tax - 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)

Income Tax - 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)

Income Tax - 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

Income Tax - 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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PMGKY related issues: Mismanagement in handling & Issue of Guidelines

Income Tax - We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their duties presently. The situation has turned from bad to worse with last minute dissemination of information by the Investigation Wing...

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Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Income Tax - 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

Income Tax - 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

Income Tax - 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

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

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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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PMGKY 2016- Clarification on correction in Payment Challan

F.No.225/231/2017-ITA-II - (27/09/2017) - Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly. ...

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax - (21/04/2017) - CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 - (20/04/2017) - The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Deposit under PMGKDS, 2016 allowed upto 30th April, 2017

Notification No. S.O. 1218(E) / Press Release No. 2016-2017/2834 - (19/04/2017) - In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done....

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PMGKY deceleration filing due date extended to 10th April 2017

Circular No. 12/2017-Income Tax - (31/03/2017) - CBDT has decided that if an assessee has made payment of tax, surcharge, penalty and deposit under Scheme, in banks by closing hours of 31st March, 2017, he shall be allowed to file declaration in Form 1 under PMGKY Scheme by 10th of April, 2017....

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Recent Posts in "PMGKY 2016"

PMGKY 2016- Clarification on correction in Payment Challan

F.No.225/231/2017-ITA-II (27/09/2017)

Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly. ...

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax (21/04/2017)

CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 (20/04/2017)

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Deposit under PMGKDS, 2016 allowed upto 30th April, 2017

Notification No. S.O. 1218(E) / Press Release No. 2016-2017/2834 (19/04/2017)

In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done....

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PMGKY deceleration filing due date extended to 10th April 2017

Circular No. 12/2017-Income Tax (31/03/2017)

CBDT has decided that if an assessee has made payment of tax, surcharge, penalty and deposit under Scheme, in banks by closing hours of 31st March, 2017, he shall be allowed to file declaration in Form 1 under PMGKY Scheme by 10th of April, 2017....

Read More

PMGKY related issues: Mismanagement in handling & Issue of Guidelines

We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their duties presently. The situation has turned from bad to worse with last minute dissemination of information by the Investigation Wing...

Read More
Posted Under: Income Tax |

PMGKY 2017: Income Tax Offices open till midnight on 31.03.2017

F.No.225/233/2016/ITA.II (30/03/2017)

The last date for making declaration under the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) is 31st March, 2017. Therefore, in order to facilitate the filing of declarations even after the office hours on the last date...

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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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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 | ,
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