Meeting on PMGKY held in Thane

Commissioner of Income Tax, Thane A C Shukla here held a meeting with tax professionals, businessmen and tax payers to make them aware about the 'Pradhan Mantri Garib Kalyan Yojana-2016' (PMGKY).
The meeting was convened yesterday to explain beneficiaries the salient features of the scheme.
The commissioner said any person with undisclosed income in the form of cash or deposits in bank or post office or any other specified entity can avail of benefit of the scheme.
Under the yojna, 49.90 per cent of the total payment (amount) will go towards taxes/cess/penalty etc, while 25 per cent, which is mandatory, towards PMGK deposit scheme, which will have a lock-in period of four years and will not earn any interest, he said.

The official said an opportunity has been given under the scheme to the public to make the payments towards tax/ penalty/cess/surcharge and deposits with scrapped Rs 500 and Rs 1,000 notes till December 30, 2016.