Day: 18 December 2016

Pradhan Mantri Garib Kalyan Yojana (PMGKY) - Undisclosed Income declaration deposit scheme Government has brought in second income disclosure income called Pradhan Mantri Garib Kalyan Yojana. The new IDS has been notified along with other provisions of the Taxation Laws (Second Amendment) Act, 2016, on 16th December and has come into effect from 17th December, 2016. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017.  Key Features of Pradhan Mantri Garib Kalyan Yojana People can declare their undisclosed or black money under PMGKY Scheme till 31st March, 2017 Under this scheme, a declarant of undisclosed income needs to pay a Tax of 30%, a Penalty of 10% and a Pradhan Mantri Garib Kalyan Cess of 33% on the tax, all of which add up...