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Hard cash being disclosed must exist on payment date: I-T dept

Press Trust of India  |  New Delhi 

Weeks before the new amnesty scheme closes, the has clarified that any hard being disclosed must exist at the time of making payments, but the same condition is not necessary for undisclosed held in the form of

In the latest clarification on the Pradhan Mantri Garib Kalyan Yojana, the department said "where the undisclosed is represented in the form of in an account maintained with a specified entity, it is not necessary that the said should exist on the date of making payments under the Scheme or furnishing a declaration under the Scheme".



However, when hard is being disclosed under PMGKY, its existence is necessary on the date of making payment of tax, surcharge and penalty under PMGKY.

"Where the undisclosed is represented in the form of cash, it is clarified that such 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 Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, whichever is earlier," the department said.

PMGKY, which provides amnesty from prosecution on payment of a total of 50 per cent and penalty on unaccounted in hand or in bank deposits, opened on December 17, 2016 and closeson March 31, 2017.

Under the PMGKY after payment of tax, 25 per cent of the unaccounted money will have to be mandatorily parked with the for 4 years as non-interest bearing deposit.

The clarification followsrepresentations receivedby the departmentfrom various stakeholders seeking clarification as to whether the made in bank accounts or in hand which are eligible for being declared under the scheme should exist on the date of filing of declaration.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Hard cash being disclosed must exist on payment date: I-T dept

Weeks before the new tax amnesty scheme closes, the government has clarified that any hard cash being disclosed must exist at the time of making payments, but the same condition is not necessary for undisclosed income held in the form of deposits. In the latest clarification on the Pradhan Mantri Garib Kalyan Yojana, the tax department said "where the undisclosed income is represented 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 a declaration under the Scheme". However, when hard cash is being disclosed under PMGKY, its existence is necessary on the date of making payment of tax, surcharge and penalty under PMGKY. "Where the undisclosed income is represented in the form of cash, it is 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 ... Weeks before the new amnesty scheme closes, the has clarified that any hard being disclosed must exist at the time of making payments, but the same condition is not necessary for undisclosed held in the form of

In the latest clarification on the Pradhan Mantri Garib Kalyan Yojana, the department said "where the undisclosed is represented in the form of in an account maintained with a specified entity, it is not necessary that the said should exist on the date of making payments under the Scheme or furnishing a declaration under the Scheme".

However, when hard is being disclosed under PMGKY, its existence is necessary on the date of making payment of tax, surcharge and penalty under PMGKY.

"Where the undisclosed is represented in the form of cash, it is clarified that such 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 Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, whichever is earlier," the department said.

PMGKY, which provides amnesty from prosecution on payment of a total of 50 per cent and penalty on unaccounted in hand or in bank deposits, opened on December 17, 2016 and closeson March 31, 2017.

Under the PMGKY after payment of tax, 25 per cent of the unaccounted money will have to be mandatorily parked with the for 4 years as non-interest bearing deposit.

The clarification followsrepresentations receivedby the departmentfrom various stakeholders seeking clarification as to whether the made in bank accounts or in hand which are eligible for being declared under the scheme should exist on the date of filing of declaration.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Hard cash being disclosed must exist on payment date: I-T dept

Weeks before the new amnesty scheme closes, the has clarified that any hard being disclosed must exist at the time of making payments, but the same condition is not necessary for undisclosed held in the form of

In the latest clarification on the Pradhan Mantri Garib Kalyan Yojana, the department said "where the undisclosed is represented in the form of in an account maintained with a specified entity, it is not necessary that the said should exist on the date of making payments under the Scheme or furnishing a declaration under the Scheme".

However, when hard is being disclosed under PMGKY, its existence is necessary on the date of making payment of tax, surcharge and penalty under PMGKY.

"Where the undisclosed is represented in the form of cash, it is clarified that such 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 Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, whichever is earlier," the department said.

PMGKY, which provides amnesty from prosecution on payment of a total of 50 per cent and penalty on unaccounted in hand or in bank deposits, opened on December 17, 2016 and closeson March 31, 2017.

Under the PMGKY after payment of tax, 25 per cent of the unaccounted money will have to be mandatorily parked with the for 4 years as non-interest bearing deposit.

The clarification followsrepresentations receivedby the departmentfrom various stakeholders seeking clarification as to whether the made in bank accounts or in hand which are eligible for being declared under the scheme should exist on the date of filing of declaration.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22