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Pradhan Mantri garib Kalyan Yojana Pdf Download -All You need to Know
Name of the Scheme :
- This Scheme may be called the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
Date of Commencement of Pradhan Mantri Garib Kalyan Yojana 2016 :
- It shall come into force on such date as the Central Government may, by notification, in the Official Gazette, appoint.
Tax Payable under Pradhan Mantri Garib Kalyan Yojana 2016 :
- The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income.[section 194D(1)] .Amount of Tax paid shall not be refundable. [Section 199K]
Penalty Payable under Pradhan Mantri Garib Kalyan Yojana 2016 :
- The declarant under this regime shall be required to pay penalty @10% of the undisclosed income.[section 194E] . Amount of penalty paid shall not be refundable. [Section 199K]
Surcharge Payable under Pradhan Mantri Garib Kalyan Yojana 2016 :
- The declarant under this regime shall be required to pay a surcharge to be called ‘ Pradhan Mantri Garib Kalyan Cess ’ @33% of tax.. [section 194D(2)] .Amount of Surcharge paid shall not be refundable. [Section 199K]
Lock in Period of Deposit under Pradhan Mantri Garib Kalyan Yojana 2016 :
- The declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the ‘ Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 ’.
- This amount shall be deposited before the filing of declaration.The deposit shall bear no interest and the amount deposited shall be allowed to be withdrawn after four years from the date of deposit and shall also fulfil such other conditions as may be specified in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.[section 194F]This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality.
Time for making declaration under Pradhan Mantri Garib Kalyan Yojana 2016 :
- Any person may make declaration on or after the date of commencement of this Scheme but on or before a date to be notified by the Central Government in the Official Gazette.
What can be declared under Pradhan Mantri Garib Kalyan Yojana 2016 :
Any person may make, a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with following specified entity, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017.
- the Reserve Bank of India;
- any banking company or co-operative bank, to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act);
- any Head Post Office or Sub-Post Office; and
- any other entity as may be notified by the Central Government in the Official Gazette in this behalf.[section 199C (1)]
No Deduction of Expenses etc under Pradhan Mantri Garib Kalyan Yojana 2016 :
- No deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed against the income in respect of which a declaration is made under this scheme.[section 199C (2)]
Declaration to whom under Pradhan Mantri Garib Kalyan Yojana 2016 :
- A declaration shall be made by a person competent to verify the return of income under section 140 of the Income-tax Act, to the Principal Commissioner or the Commissioner notified in the Official Gazette for this purpose and shall be in such form and verified in such manner, as may be prescribed. (yet to be prescribed)
- Time for payment of tax, penalty, surcharge and deposit. The tax and surcharge penalty payable in respect of the undisclosed income, shall be paid before filing of declaration.The declaration shall be accompanied by the proof of deposit of payment of tax, surcharge and penalty
Undisclosed income not to be included in total income :
- The amount of undisclosed income declared in accordance with section 199C of this scheme shall not be included in the total income of the declarant for any assessment year under the Income-tax Act.
No Reopening of Assessment :-
- A declarant under this Scheme shall not be entitled, in respect of undisclosed income referred to in section 199C or any amount of tax and surcharge paid thereon, to re-open any assessment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957, or to claim any set-off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment.
Window scheme for declarants of undisclosed income
First is a 50% tax rate on those who declare undisclosed income. This 50% comprises of:
(a) 30 percent tax
(b) 33% cess called ‘Pradhan Mantri Garib Kalyan Cess’ (33% of 30%; this means a total of 10%).
(c) 10 percent penalty
Total tax rate is (30 + 10+ 10) = 50%.
Besides, the declarants must put the 25% of their disclosed amount in a social security scheme. This will be locked for four years. For channelizing this 25%, a deposit scheme is to be notified by the RBI under the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016’.
The deposit amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc. For this, the existing Pradhan Mantri Garib Kalyan Yojana will be modified as an antipoverty and development programme.
(B) Higher tax rate for under-reporting/misreporting of income
A steep tax rate of 60% (comprising basic 30% rate, cess and surcharge) plus 15% from surcharge (25% surcharge means 25% of 60). The tax rate thus becomes 75%. The assessing officer can impose 10% penalty and the total tax rate becomes 85%.
Pradhan Mantri Garib Kalyan Yojana was launched in April 2015, aims to improve the living standard of the poor people especially those who are BPL through concrete government initiatives. The Programme’s working was to engage poor people through workshops where poor can attend.
The old format may not be followed under the PMGKY Cess. More actions and programmes can be expected as the scheme gets sufficient funding through the cess.
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