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Undisclosed income can be deposited in PM Garib Kalyan Deposit Scheme under 50% tax


Undisclosed income can be deposited in PM Garib Kalyan Deposit Scheme under 50% tax

New Delhi, Dec 16 (ANI): The Government on Friday announced launch of Pradhan Mantri Garib Kalyan Yojana under which people can disclose unaccounted cash or deposit in a bank account before March 31, 2017. The scheme that will begin from tomorrow comes with almost 50 percent tax and penalty.

The collected tax and penalties would be used in the funds for the scheme. Besides, an email id, blackmoneinfo@incometax.gov.in, has been generated for the people to give information on those dealing in black money.

The Taxation Laws (Second Amendment) Act 2016 came into force on December 15th under the scheme of Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016.

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