Govt permits taxpayers to make multiple deposits under PMGKY
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The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required to pay a tax and penalty totalling to 50% of the undeclared income.
However, the earlier rules stipulated that the deposits can only be made once which the government has now sought to relax.
The government has “decided to allow declarants to make deposits on one or more occasions in the PMGKDS (Pradhan Mantri Garib Kalyan deposit scheme 2016,” the finance ministry said in a statement.
However, the tax payers will have to make the tax payment and put the money in the deposit before filing a declaration under PMGKY. #casansaar (LIveMint)
The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required to pay a tax and penalty totalling to 50% of the undeclared income.
However, the earlier rules stipulated that the deposits can only be made once which the government has now sought to relax.
The government has “decided to allow declarants to make deposits on one or more occasions in the PMGKDS (Pradhan Mantri Garib Kalyan deposit scheme 2016,” the finance ministry said in a statement.
However, the tax payers will have to make the tax payment and put the money in the deposit before filing a declaration under PMGKY. #casansaar (LIveMint)
Category : Income Tax | Comments : 0 | Hits : 657
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