Pradhan Mantri Garib Kalyan Yojana Scheme: If we take a look towards last two years since the Modi government has come into the power, a number of schemes have been launched to aid the poor people of the country. Government is implementing great steps for taking India to the next level.
You talk about youth, poor, women and senior citizens, everybody is taking advantage of these schemes like Jand Dhan Yojana, startup schemes, skill development schemes and more. But, now the government has come with a new scheme called Pradhan Mantri Garib Kalyan Yojna (PMGK Yojna). The scheme specially designed to curb the black money.
If you still haven’t disclosed the details of your unaccounted money to the government, it has given another chance to unveil your excess money but don’t forget the scheme might be the last chance.
Under this scheme, the taxpayers are allowed to make payments for tax and penalty in three installments by September 30, 2017.
The rules for Pradhan Mantri Garib Kalyan Yojana Scheme are simple. The Yojana is similar to Income tax declaration scheme, however, there are few differences. Under this scheme, the tax rate will be higher and the declared income. You can say that the scheme is the window of opportunity for those holding black money to regularize their holding although with penalties.
Rules and instructions under Pradhan Mantri Garib Kalyan Yojana Scheme:
- Centre government recently announced another scheme to support the voluntary disclosure of black money. Finance Minister Arun Jaitley introduced in the Lok Sabha an amendment to the income tax law, to make provisions for the scheme.
- The scheme “Pradhan Mantri Garib Kalyan Yojna scheme (PMGK Yojna)”, permits folks to disclose their unaccounted cash and pay taxes.
- Once the imposed taxes and other penalties have been paid by you on the disclosed amounts, you will have future immunity on the declared amount.
- People can get benefit under this scheme till December 30, 2016
- If you declare the amount under the scheme, the taxes and penalties will include income tax @ 30%, penalty @ 33% or 10% income tax of total on declared money and Garib Kalyan Cess @ 10%. The amount to 50% of the total declared amount.
- After that, 25% of the amount declared by you under this scheme will be held in a government fund for four years at 0% interest. The fund will be used for the improvement of irrigation, housing, toilets, infrastructure, primary education, primary health, and livelihood creation. You will get 25% of the amount in the hands of the black money.