Pradhan Mantri Garib Kalyan Yojana
The government has provided a last chance for declaration of black money by announcing a new scheme as Pradhan Mantri Garib Kalyan Yojana. If you have unaccounted money then you must apply now for PMGKY Deposit Scheme. The Pradhan Mantri Garib Kalyan Yojana 2017 is to some extent related to Income Declaration Scheme (IDS), apart from the tax rate. This article is going to prove a guide to provide you each and every details of this scheme.
With the change in currencies, those people come into trouble that made a huge amount of money through dishonest ways and are trying to cover it for their profits and with this change they have to disclose their unaccounted funds but they are accused with serious taxation policies. People with unaccounted money have the last chance to declare their black money by paying some amount of fine for which they need to follow some easy steps given here. All the benefits for declaration of money can also be checked through this article provided by www.recruitmentinboxx.com.
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Pradhan Mantri Garib Kalyan Yojana
Taxation Policies To People Who Will Declare Their Money:
Those who want to declare their entire undisclosed amount in front of government then they have to pay the tax as per the Pradhan Mantri Garib Kalyan Yojana. The tax is charged as follows:
- First is a 50% tax rate. This 50% contains of:
- 30 percent tax
- 33% Pradhan Mantri Garib Kalyan Cess (33% of 30%; this implies a sum of 10%).
- 10% fine
- Total tax rate is (30 + 10+ 10) = 50%.
- Besides this 50%, that person must also have to deposit the 25% of their revealed money in a social security scheme. This 25% amount will be safe under Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 by Reserve Bank of India for four years and no interest will be paid to the person for that period. After four year this 25% will be returned back to the person.
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Policies for people who will not declare their money in PMGKY Scheme
Those people who have unaccounted money and if they are not disclosing it under this scheme and in future if they caught during investigation then they are responsible to pay flat 605 on entire amounts. Excluding that they should have to pay 25% (15%) for surcharge which may account up to 75% of entire amount and they also have to pay 10% as fine or penalty.
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Taxation and Investment System For Pradhan Mantri Garib Kalyan Yojana
|Particular||Existing Provisions||Proposed Provisions|
|Penalty imposed on general provision||Penalty (Section 270A)||No charges are proposed|
|Tax of 200% for misreporting|
|50% tax of under reporting|
|Income and accessed income is the normal difference between misreporting and under reporting income|
|Penalty imposed on Provision for taxation and unexplained credit, investment cash||Tax (Section 115BBE)||Tax (Section 115BBE)|
|30% will be charged flat + surcharge + cess||60% flat rate+ surcharge 25% tax (15% of the unaccounted income) total 75% tax approx|
|No expense, deductions set-off is allowed||No expense, deductions set-off is allowed|
Steps To Apply For Pradhan Mantri Garib Kalyan Yojana
- Declaring About Deposits and Cash: First of all, people have to declare their total accounted and unaccounted money by depositing it into the Reserve Bank Of India or in any other recognized bank. The amount will be collected by the bank and then transferred further for modification into new notes.
- Deposits and Tax Payments: After depositing all the money in bank, people have to make the payment of taxes as mentioned above for declaration of money.
- Payment and Deposit Proof: After following the above steps, the people are required to file a form and then have to verify it by using the rules and regulations set by the government. People should make the declaration with proper evidence.
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Pradhan Mantri Garib Kalyan Yojana has made a revolution and people with black money have to suffer for it. Pradhan Mantri Garib Kalyan Yojana 2017 is a great step towards the growth of nation to remove the income difference among citizens.
If you want to know more about new schemes, then you must keep visit our web portal i.e. www.recruitmentinboxx.com time to time. You can also join us on facebook and google plus to get updates on your facebook timeline.
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