Pradhan Mantri Garib Kalyan Yojana

Pradhan Mantri Garib Kalyan YojanaAs we all know that Prime Minister Sh. Narendra Modi is trying his level best to eliminate the black money from the country. For this the government has declared Pradhan Mantri Garib Kalyan Yojana 2016 that is going to be implemented from 17th December 2016.

Under this Pradhan Mantri Garib Kalyan Yojana, there is another chance for the people who have not yet given their black money to government.  According to the latest income revelation scheme one can give 50% Plus Penalty to make his/her black money to white.

This scheme was announced before only but is implemented from December 17 and will remain open until March 31 2017. This is the last chance to disclose your excess money details to the government. Here, in this article we will tell you what is Pradhan Mantri Garib Kalyan Yojana? What are the PGMKY Tax Rules? and what are the benefits of PGMKY? etc. that you should know.

Pradhan Mantri Garib Kalyan Yojana

This launched Garib Kalyan yojana, is similar to Income tax declaration scheme ended on September 30, 2016. It will be good for those who take advantage of this scheme and get escape from any punishment by giving their money to government.

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PGMKY Tax Rules You Should Know

All those who will declare their cash deposits under this scheme will be charged with 50% tax that will be split into 30% tax, 33% surcharge and 10% penalty plus 25% of the amount will be deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, as a noninterest-bearing for four years.

Statement By Revenue Secretary Hasmukh Adhia

“The government has given a long window for the declarations because we want people to voluntarily come forward and make their declarations,”

Why to take risk by keeping black money, it is better to take the benefit id the scheme launched and escape from all these issues. Otherwise if someone caught later no explanations will be accepted up to 85% penalty, besides prosecution will be charged. If you are not disclosing your cash in banks but showing it in tax return form will charge you 77.25% in duties and punishment.

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Statement By Adhia

He said “Only after payment of 50% tax and setting aside 25% of the remaining undisclosed amount for four years can a person avail the PMGKY scheme,”

Pradhan Mantri Garib Kalyan Yojana

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Statement By Chandra

On behalf of all bank accounts CBDT is taking all the information and comparing it with income-tax data and those found not legal will be punished and charged.

“So the assesses should know that their deposits in bank accounts are being watched. We are examining whether it is explained money or not. Therefore, they should come very, very clean under this scheme which is the last window available for anyone,”

Rules of Pradhan Mantri Garib Kalyan Yojana

  • Declarant need to submit 25 percent of the undisclosed money
  • Declarant needs to pay 30% percent charge at this income in addition to a punishment rate of 10 percent will be there
  • An additional charge at 33 percent of tax will be collected and will be named as Pradhan Mantri Garib Kalyan Cess

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PGMKY Tax Rules You Should Know

So, we have covered all the important points that are important for each one of us to know. This is the last chance for those who want to be safe and can take the advantage of PGMKY Scheme to make their black money to white.

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