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.
- 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: email@example.com