Monday, 27 March 2017
Clarifications regarding Pradhan Mantri Garib Kalyan Yojna 2016
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojna (PMGKY), 2016 has commenced on 17.12.2016 and is open for declarations up to 31.03.2017. As per this scheme, any person who intends to declare his undisclosed income shall deposit under this scheme.
Vide CBDT Circular No. 2 of 2017 dated 18th January 2017, certain clarifications were issued on the Scheme.
CBDT received representations from various stakeholders for seeking clarifications as to whether the deposits made in Bank Account or cash in hand which are eligible for being declared under the Scheme should exist on the date of filing of declaration under the Scheme.
In this frame of reference, it has been clarified in such circular that where the undisclosed income is stated in the form of deposits in an account maintained with a specified entity, it is not necessary that the said deposits should exist on the date of making payments under the Scheme or furnishing the declaration under the Scheme. However, where the undisclosed income is represented in the form of cash, it has been clarified that such cash should exist on the date of making payment of tax, surcharge and penalty under the Scheme or on the date of making deposit under the PMGK Deposit Scheme, 2016, whichever is earlier.
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Some recent updates that you would not like to miss –
1. PMGKY 2016 to declare Black Money will be ending on 31.03.2017. Assessee shall have to Pay Tax @ 49% under this scheme or @ 77% along with penalty, prosecution and enforcement actions AFTER this Scheme.
2. Due dates for e-payment of service tax, excise duty, balance advance income tax and filing of ITR for Financial Year 2015-16 without penalty & Financial Year 2014-15 with penalty of Rs. 5,000 is 31.03.2017.
3. If taxable person does not affect interstate supplies, then he cannot avail composition scheme under GST.
Have a great day ahead!