PMGKY 2016 - Page 2

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 |

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

RBI/2016-17/251 IDMD.CDD.No. 2347/14.04.051/2016-17 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. 08/2017-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. ...

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Posted Under: Income Tax | ,

Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

F.No. 370/06/2016-IT(B) 22/02/2017

It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons....

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Verification of Cash deposit during demonetisation by AO -CBDT issues guidelines

Instruction No. 03/2017 21/02/2017

Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with th...

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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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How to submit deposit details in Form V (PMGK Deposit Scheme 2016)

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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Posted Under: Income Tax |

How to Submit Form 1 (Pradhan Mantri Garib Kalyan Yojana, 2016)

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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Posted Under: Income Tax |

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