Invest your undisclosed income in Pradhan Mantri Garib Kalyan Yojana, 2016

Your undisclosed accounts or cash deposits are not hidden from Income Tax Department. Invest your undisclosed income in Pradhan Mantri Garib Kalyan Yojana, 2016 and accelerate the socio-economic growth of the deprived.

The scheme is open upto 31st March 2017. Non declaration of such undisclosed income will be liable to tax, surcharge and cess @77.25% alongwith penalty and prosecution.

Main Features –

  • Declaration can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.
  • Tax, surcharge & penalty totalling up to 49.90% of the Undisclosed Income to be paid.
  • Mandatory deposit of 25% of the undisclosed income to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
  • The deposits are interest free and have lock-in period of four years.

Mode of Making Declaration –

  • To be filed online at incometaxindiaefiling.gov.in or in print form to jurisdicional Pr. Commissioner / Commissioner of Income Tax alongwith proof of payment of tax etc. and deposit under the Scheme.

Immunity –

  • Total confidentiality ensured.
  • The income declared under the Scheme shall not be taxable under the Income-tax Act, 1961.
  • Immunity in respect of declaration made under the Scheme also available under all Acts other than those specified in Section 100-O of the Scheme.

For clarifications see: CBDT Circular No. 2 of 2017 dt. 18.01.2017 (FAQs) | Available on: www.incometaxindia.gov.in | For queries please e-mail to: ts.mapwal@nic.in

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