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Business News » India News

Govt gives 10 more days to declare unaccounted income under PMGKY

On April 19, the Ministry had sent another notification which stated that it has extended the date of making deposit under the Deposit Scheme upto 30th April, 2017

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Govt gives 10 more days to declare unaccounted income under PMGKY
Now, the Ministry has extended the date further by ten days. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Fri, Apr 21, 2017
05:53 pm
Mumbai, ZeeBiz WebDesk
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Tamil Nadu man deposits Rs 246 crore in old currency, to pay 45% tax under PMGKY Tamil Nadu man deposits Rs 246 crore in old currency, to pay 45% tax under PMGKY
Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

Ministry of Finance on Friday said that the date for filing of declaration under taxation and investment regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) has been extended up to May 10, 2017.

Launched on December 17, 2017, the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) was applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana - the scheme closed on March 31. 

As per the Ministry, the representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before 31st March, 2017 but the corresponding deposit under the PMGKDS, could not be made by the said date. 

ALSO READ: 10 days left to deposit under Pradhan Mantri Garib Kalyan Deposit Scheme; Follow these 3 steps

Following to this, on April 19, the Ministry had sent another notification which stated that it has extended the date of making deposit under the Deposit Scheme upto 30th April, 2017 in respect of cases where tax, surcharge and penalty under PMGKY has been paid on or before 31st March, 2017.

Now, the Ministry has extended the date further by ten days.

A Motilal Oswal report stated earlier that the Income Tax Department might dig in about Rs 28,500 crore as black money, which represents 50% of the income considered to be declared under the scheme. Such would imply tax receipts amounting to Rs. 24,200 crore.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Pradhan Mantri Garib Kalyan Yojana (PMGKY)Pradhan Mantri Garib Kalyan Deposit SchemeTaxationinvestment regimeMinistry of FinanceIncome Tax Departmentunaccounted income
RELATED NEWS
Tamil Nadu man deposits Rs 246 crore in old currency, to pay 45% tax under PMGKY Tamil Nadu man deposits Rs 246 crore in old currency, to pay 45% tax under PMGKY
Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

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