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.
Do not miss our next update on Latest Amendments.
You
may drop in your queries at team@clicknfile.in
or directly get in touch with our finance/tax experts @ 8872032114, 8872032116,
8872013116
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!
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