Pradhan Mantri Garib Kalyan Yojana Rules (PMGKY)

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Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY)

PM Garib Kalyan Yojana || PM Scheme || Pradhan Mantri Scheme Detail || PMGKY || PM Garib Kalyan Scheme

Pradhan Mantri Yojana Deatil

Centre Government has made announcement of pradhan mantra garib kalian yojana, whose rule can be applied from tomorrow means from 17th December, 2016. People those who have black money and not declared it yet will get chance a chance to declare it under this scheme. Anyone who has undisclosed income can give information about it with 50 percent tax and penalty under new income disclosed scheme.

Under this new income disclosed scheme, anyone who will have undisclosed income deposited in banks or any kind of balck money related to him can be converted into white till 31st March, 2017. Revenue secretary Mr. Hansmukh Ariya has said that new income discloser scheme will be affective from 17th December, 2017.

Ten Important Points of Pradhan Mantri Garib Kalyan Yojana

1) New income discloser scheme will be come into action from 17th December. Under this you can provide information of your undeclared income to Government.

2)  You can provide information of your undisclosed income under this till 31st March.

3) A new email-id has been prepared for the people under new income discloser scheme like blackmoneyinfo@incometaxgov.in, through the help of which people can give information of their undisclosed income. And the name of person kept secret who disclose their black money.

4) Under this scheme, if you declared your undisclosed income, then you have to pay penalty of 50 percent on this. It was 45 percent under IDS scheme.

5) If you have not told about black money and if in any case it is caught then you have to pay 75 percent tax and 10 percent penalty on it.

Main Changes Occurred In Income Tax Law

 6) Five big changes occurred in new IT bill.

– There is provision of 30 percent tax on undeclared income after notbandi.

–  Along with that there is provision for 10 percent penalty on this income.

– Furthermore, there is provision for 33 percent surcharge on 30 percent tax.

– If you have not provided detail of your undeclared income, then pay 75 % tax and penalty of 10 %.

– And 25 percent of the amount is goes in the welfare of Pradhan Mantri Garib Kalyan Yojana.

7) How Much Amount of Tax To Be Paid On Ten Lakh

– On this amount, 30 % means 3 lakh rupees will be deposited in form of tax.

– 10 % means, 1 lakh rupees will be deposited in form of penalty.

– 33 % surcharge will be applied on 30 % tax, means 99 thousand rupees on 3 lakh rupees.

– So 50 % tax will be applied on 10 lakh rupees. It means you have to pay 499000 rupees as tax from 10 lakh rupees.

8) How Much Amount of Tax To Be Paid On Twenty Lakh

– On this amount, 30 % means 6 lakh rupees will be deposited in form of tax.

– 10 % means, 2 lakh rupees will be deposited in form of penalty.

– 33 % surcharge will be applied on 30 % tax, means 1 lakh 98 thousand rupees on 6 lakh rupees.

– So 50 % tax will be applied on 20 lakh rupees. It means you have to pay 998000 rupees as tax from 20 lakh rupees.

9) How Much Amount of Tax To Be Paid On Fifty Lakh

– On this amount, 30 % means 15 lakh rupees will be deposited in form of tax.

– 10 % means, 5 lakh rupees will be deposited in form of penalty.

– 33 % surcharge will be applied on 30 % tax, means 4 lakh 95 thousand rupees on 15 lakh rupees.

– So 50 % tax will be applied on 50 lakh rupees. It means you have to pay 2495000 rupees as tax from 50 lakh rupees.

Benefits Of Declaration

You Have to fill the form to declare the money

After depositing money in the bank, candidates have to visit the principal commissioner or commissioner to declare the money through declaration. And then person have to fill the form prepared by Government for declaration and then after it will be verified.

Will Not Get the Scheme Benefit If Information Is Hidden By User

 Under pradhan manti garib kalian yojana, if any person hide any kind of information during declaration of undisclosed money or provide wrong information then his declaration can be cancelled and will not get the tax and penalty paid under this scheme.

Declared Money Will Not Be Included In Income

If any person declare his money under pradhan manti garib kalian yojana then it will not be included in his income. Means if any person declare his money under this scheme then no one will make question on that money under any other scheme.

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