Govt gives one more month for declarations under PMGKY

The Taxation and Investment Regime for PMGKY had commenced on December 17, 2016 and was open for declarations up to March 31, 2017.

By: ENS Economic Bureau | New Delhi | Published:April 22, 2017 2:30 am
Pradhan Mantri Garib Kalyan Deposit Scheme, garib kalyan interest free deposit, garib kalyan deposit, garib kalyan deposit last date, business news, india news, indian express news, latest news The Taxation and Investment Regime for PMGKY had commenced on December 17, 2016 and was open for declarations up to March 31, 2017.

Following extension of deadline for deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government has now given time of one more month for filing declarations till May 10 to those who paid the tax, surcharge and penalty under the scheme, which closed on March 31.

On Wednesday, the government had extended time for making deposits till April 30 for those who have paid their tax, surcharge and penalty under the compliance window on or before March 31. The Central Board of Direct Taxes (CBDT) had earlier extended the deadline for filing declarations under the PMGKY scheme to April 10.

“Representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before March 31, 2017 but the corresponding deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (Deposit Scheme) could not be made by the said date,” CBDT said in a statement. The Department of Economic Affairs, which is overseeing the Pradhan Mantri Garib Kalyan Deposit Scheme under the Taxation and Investment Regime for PMGKY, had accordingly then extended the deadline for deposits till April 30.

Subsequently, on Friday, the CBDT extended the date for filing declarations for those who have paid their tax, surcharge and penalty on or before March 31 and deposits have been made on or before April 31, it added.

The Taxation and Investment Regime for PMGKY had commenced on December 17, 2016 and was open for declarations up to March 31, 2017. Unlike the government’s earlier tax compliance window of Income Declaration Scheme, wherein the person declared first and then paid tax and penalty, declarants under the PMGKY scheme were first required to pay tax and park a quarter of the total undisclosed sum as interest-free deposit.

According to the PMGKY scheme, a 30 per cent tax plus 33 per cent surcharge on the tax and a 10 per cent penalty is proposed to be levied on the undisclosed income in the form of cash and deposits. Along with this, the declarant had to deposit 25 per cent of the undisclosed income in a interest-free deposit scheme for four years. The declarants had to make the interest-free deposits in the form of Bonds Ledger Accounts with authorised banks and banking companies. Subsequently, a Certificate of Holding for the BLA was issued which was to be collected from the authorised banks through which the deposit was made. Banks had to accordingly link the details of the payments made towards deposits with the income tax department’s website, so that the declarant under the scheme could show the proofs of prior payments of tax and deposit.

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