PMGKY 2016 news

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...

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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 ...

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Posted Under: Income Tax |

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....

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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. ...

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Posted Under: Income Tax |

No new exemption to Political parties post demonetisation : FM

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

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Salient features of Taxation Laws (Second Amendment) Act 2016

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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Posted Under: Income Tax |

The Taxation Laws (Second Amendment) Bill, 2016

Download Full Text Of The Taxation Laws (Second Amendment) Bill, 2016- Introduced In Lok Sabha By Finance Minister Arun Jaitley On 26.11.2016...

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Posted Under: Income Tax |

Govt. presents bill in Lok Sabha to tax Black Money

An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income....

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Posted Under: Income Tax | ,

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