Govt opens window for declaring black Money under PMGKY from Dec. 17, 2016 to 31st March,2017. Government announced that any unaccounted cash or deposit in a bank account before April 1, 2017 can be disclosed under PMGKY Scheme that comes with 50 per cent tax and penalty.
The Government has given around 3.5 month’s period for filing declaration under Pradhan Mantri Garib Kalyan Yojana (‘PMGKY’) from December 17, 2016 till March 31, 2017. All declarations under PMGKY shall be furnished to Principal Commissioner or the Commissioner, in any of the following modes:
i) Electronically under digital signature, or
ii) Electronically through EVC, or
iii) In physical Form
Government has also notified ‘Form 1’ for declaring unaccounted income in the form of cash or bank deposits. Declarant needs to specify the following details in Form 1:
a) Name, address and PAN;
b) Status of declarant (whether resident, Non-resident, individual, HUF, Firm, etc.)
c) Amount held in cash and bank deposits.
d) Details of taxes paid before filing of declaration (i.e., date of deposit, Challan Number, etc.)
e) Details of amount deposited in PM Garib Kalyan Deposit Scheme (i.e., minimum deposit amount is 25% of unaccounted income)
An option is also given to revise the declaration till March 31, 2017 if there is any omissions or wrong statement. After filing of declaration, the Principal CIT or CIT shall issue a certification in Form-2 to the declarant within 30 days from the end of the month in which declaration has been furnished.
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