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.
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
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Launched by
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PM. N. Modi
|
Motive of
scheme
|
To give help to the BPL families
|
Scheme launched
year
|
2016
|
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:
- 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.
Taxation and Investment System For Pradhan Mantri Garib Kalyan
Yojana
Particular
|
Existing Provisions
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Proposed Provisions
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Penalty imposed on general provision
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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
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Tax (Section 115BBE)
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Tax (Section 115BBE)
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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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