Last chance to come clean for black money holders! Know all about Pradhan Mantri Garib Kalyan Yojana and how to avail the scheme

1. PRADHAN MANTRI GARIB KALYAN
YOJNA, 2016
Last call for the tax evaders to
come clean
New Penalties & Additional
Taxes on Black Money Holders

2. DECLARE YOUR UNACCOUNTED CASH AND PAY TAXES
SCHEME IS VALID TILL 30 DECEMBER, 2016
ONCE TAXES & PENALTY PAID ON DECLARED AMOUNT,
BLACK MONEY HOLDERS WILL HAVE FUTURE
IMMUNITY ON THE SAID AMOUNT
ALL ABOUT PMGK YOJNA

3. TAXES TO BE PAID = 50% OF THE
DECLARED AMOUNT
WILL HAVE TO DEPOSIT 25% OF THE AMOUNT IN
PMGKY SCHEME WITH ZERO INTEREST, LOCK IN
PERIOD OF 4 YEARS IN THE SAID SCHEME
LEAVING 25% OF THE DECLARED AMOUNT IN
THE HANDS OF BLACK MONEY HOLDER

4. FOR AMOUNT NOT DECLARED UNDER THE SAID
SCHEME, TAXES TO BE PAID = 75% OF THE SUCH
AMOUNT
FURTHER, PENALTY OF 10% CAN BE IMPOSED
BY ASSESSING OFFICER
LEAVING 15% OF THE MONEY IN THE HANDS OF THE
BLACK MONEY HOLDER

5. PARTICULARS AMOUNT (RS.)
1. Undisclosed Cash Deposit 10,00,000.00
2. Amount to be deposited in the scheme = 25% of 10,00,000.00 2,50,000.00
3. Balance available for penal tax = (1-2) 7,50,000.00
4. Tax on 1 @ 30% = 30% of Rs. 10,00,000.00 3,00,000.00
5. Pradhan Mantri Kalyan Cess @ 33% of the tax 1,00,000.00
6. Penalty @ 10% on 1= 10% of 10,00,000.00 1,00,000.00
7. Total penal tax to be paid = (4+5+6) 5,00,000.00
8. Balance available for immediate use = (3-7) 2,50,000.00

6. INTENTIONTO INTRODUCESUCH SCHEME
1.
•An attempt to plug the loop holes in the present
Income Tax Act, 1961 to conceal the black
money.
2.
•Its aim is to use black-money collected post-
demonetisation in welfare schemes for the poor.
3.
•An attempt to bring the undeclared income of
the past, legitimately into the formal economy.

7. The declarant at its discretion can deposit an amount in excess of 25%
of the Undisclosed Cash Deposit under the Deposit Scheme.
The payment of Penal Tax and the Deposit Scheme deposit should be made
before filing the declaration and the declaration should be accompanied by
proof to this effect.
After the lapse of four years, the amount so deposited (whether 25% of
Undisclosed Cash Income or higher) can be withdrawn for use and the
amount of Penal Tax shall not be refundable.

8. Contact Us
http://taxmantra.com
+91-9038335433/+91-8820820811
info@taxmantra.com