Deadline to file PMGKY declarations extended to May 10

The government on Friday extended the date for filing declarations by black money holders about tax payment and deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) till May 10, an official statement said.

"The Central Board of Direct Taxes (CBDT) has extended the date of filing of declaration under the PMGKY to May 10 in cases where tax, surcharge and penalty have been paid on or before March 31 and deposit under the Deposit Scheme has been made on or before April 30," a Finance Ministry statement said.

"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 (PMGKDS) could not be made by the said date," it said.

The central government on Wednesday allowed time till April 30 for making deposits under PMGKDS, that offered non-interest bearing deposits for four years.

The scheme gave black money holders opportunity to declare their unaccounted income till March 31.

The deposits can be made in the form of cash or in an account with bank or post office or specified entity, with a tax, surcharge and penalty totaling up to 49.90 per cent.

Mandatory deposit of 25 per cent of the undisclosed income will be made in Pradhan Mantri Garib Kalyan Yojana (PMGKY). The deposits are interest free and have a lock-in period of four years.

--IANS

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