Income Tax : The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in ou...
Fema / RBI : Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime fo...
Income Tax : The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of...
Income Tax : As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of depo...
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 Finan...
Income Tax : We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their dutie...
Income Tax : Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on...
Fema / RBI : It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposi...
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 Ban...
Income Tax : Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act...
Income Tax : ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the sche...
Income Tax : Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement record...
Income Tax : The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained in...
Income Tax : Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is pos...
Income Tax : In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose...
Income Tax : No public servant shall produce before any person or authority, any such document or record or any information or computerised dat...
Income Tax : Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') poin...
Income Tax : CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 20...
Fema / RBI : The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kal...
Income Tax : In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to...
Application for deposit under Pradhan Mantri Garib Kalyan Deposit Scheme shall be made in Form II, indicating amount, full name, PAN, Bank Account details and address of declarant.
Taxation Laws (Second Amendment) Act, 2016 / Taxation and Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 received assent of President on 15th December, 2016.
Assessee can deposit his unaccounted cash into bank and declared it as a current year’s income in next year’s tax return i.e. next Assessment year 2017-18.
The Government has come out with the new version of the income disclosure scheme post de-monetization. This scheme seems to be the last chance for black money holders to come out clean.
Apprehension of retrospective amendment in the Income Tax Act was anticipated by almost all the tax professionals as 200% penalty was not possible in the present framework of law.
Krishna, Government has taken a huge step for taking out black money from rich people by banning notes of Rs 500 and Rs1000, after that they have brought a new scheme. What is that?
A lot of discussion is happening over black money and ways to declare them successfully.With the idea of currency demonetization, there was news that all the black money holders will be liable for a 200% penalty. This created a lot of buzz and different opinions travelling all around the market.
To bring more clarity and to capture the possible concealing black money, The Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) has been introduced in the Parliament to amend the provisions of the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision.
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 entityon or before 01.04.2017.
Income declared under this scheme will attract tax of 30% plus 33% surcharge on tax ( known as ‘Pradhan Mantri Garib Kalyan Cess’ ) plus penalty equal to 10% of undisclosed income which will be equal to 50% of undisclosed income.
