Refund claims can't be used for taxes under black money disclosure scheme

PMGKY has tax incidence of 50% including penalty, and 4-year lock-in of 25% of black money deposited

Unlike its first variant, the second edition of the government's hidden income disclosure scheme, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme. 

This was stated on Wednesday in answers to a second set of 'Frequently Asked Questions' on the scheme, issued by the Central Board of Direct Taxes (CBDT).

 

PMGKY has a tax incidence of 50 per cent, including the penalty. And, a four-year lock-in of a quarter of the disclosure amount. The scheme allowed payment