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Avail PMGKY Or Face Action By The Tax Department

Mr. C.S. Sudheer | Updated On Wednesday, March 14,2018, 09:55 AM

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Avail PMGKY Or Face Action By The Tax Department

 

 

 

The time to declare your black money is ending soon. Tomorrow is the last day to declare all your black money. If you have any black money to declare, you better hurry up. The Prime Minister Narendra Modi, demonetized 500 and 1000 rupee notes on November 8th 2016. You and other citizens rushed to banks and post offices to deposit old 500 and 1000 rupee notes. The last date to deposit these demonetized notes was December 30th 2016. Now you have unfinished business.

If you or any citizen has deposited black money in demonetized 500 and 1000 rupee notes between November 10th 2016 and December 30th 2016, you have to declare this undisclosed income under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) by March 31st 2017.

If you have been a tax evader in the past, it’s time to turn over a new leaf. Declare all your black money under the PMGKY and enjoy peace of mind. Tax evasion is a crime. Tax avoidance is not. Find Tax Planning difficult? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

 

Avail PMGKY Or Face Action

 

What is Pradhan Mantri Garib Kalyan Yojana?

 

You have to declare your black money by March 31st 2017 under the PMGKY. You then have to pay a tax and penalty of nearly 50%. There’s more…25% of the undisclosed income which you declare, will have to be mandatorily deposited in a zero-interest deposit scheme for a period of 4 years called PMGKY Deposit Scheme. This amount is locked-in for 4 years. You cannot touch this money for 4 years.     

This money will be used for welfare schemes for the poor. Yes…your black money will be used to change the lives of poor citizens of India.

 

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How to declare black money under PMGKY?

 

Let’s say you want to declare black money/undisclosed income under the PMGKY.

  • Pay tax on this black money at nearly 50%. This tax can be paid online through e-filing or at any bank branch using PMGKY challans.
  • You also have to put 25% of the undisclosed income in the PMGKY Deposit Scheme which is locked for a period of 4 years. You get an acknowledgment from the bank/post office.
  • You have paid the taxes and deposited 25% of this undisclosed income in the PMGKY Deposit Scheme. You then submit Form 1 through online or offline modes. You then provide personal details like address and contact details, PAN, details of tax paid and PMGKY deposit acknowledgement details in the Form 1.
  • The Income Tax Department receives the Form 1 and then gives you (issues) Form 2, which is an acknowledgment of receiving Form 1 and that taxes have been paid.

 

Why declare black money under the PMGKY?

 

The Government is advertising heavily and has even got a social media campaign to encourage you and other tax evaders to declare black money under PMGKY. The simple reason you take up PMGKY…Escape paying a heavy penalty. If you don’t declare black money within March 31st under the PMGKY, you will have to pay taxes and penalty as high as 137% of the cash deposits made. There could also be a jail term of 7 years under the Benami Act.

What happens if you directly file income tax returns on your black money but do not opt for the PMGKY scheme? You would face a tax and penalty of 77.25%.

So hurry up. Tomorrow is the last day to declare black money under PMGJY. Make use of this tax amnesty scheme and declare all your black money. Grab your opportunity. Don’t regret later. Be Wise, Get Rich.

 

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Article Author

Mr. C.S. Sudheer

Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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