Feb 10, 2017

Pradhan Mantri Garib Kalyan Yojana 2017 PMGKY Form, Scheme Complete Detail

Pradhan Mantri Garib Kalyan Yojana

Garib Kalyan Yojana announces 2017 online application form with details for PMGKY this is the regime that is declared by the Pradhan Mantri for the poor citizen of India and is a war against poverty. The main objective of this program is to provide many benefits to people belonging to the poverty line below and pay more attention to the weaker section. 

PM announced this scheme across 22 states in India. This scheme is only for families under BPL and the financial situation is precarious. The government wants to give people the opportunity to pay taxes with fines and report undisclosed income through the Pradhan Mantri Garib Kalyan Yojana (PMGKY) proposal.

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.

Descriptive Information | Pradhan Mantri Garib Kalyan Yojana:

Name of scheme
Pradhan Mantri Garib Kalyan Yojana
Scheme under
Central government
Launched by
PM. N. Modi
Motive of scheme
To give help to the BPL families
Scheme launched year
Scheme language in language
Hindi, English

Taxation Policies To People Who Will Declare Their Money:
  • First is a 50% tax rate. This 50% contains of:
    1. 30 percent tax
    2. 33% Pradhan Mantri Garib Kalyan Cess (33% of 30%; this implies a sum of 10%).
    3. 10% fine
    4. 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.
Taxation and Investment System For Pradhan Mantri Garib Kalyan Yojana

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.


No comments:

Post a Comment

If you have any query, Write in Comment Box