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PMGKY last chance to come clean
Chief Commissioner of Income Tax SP Choudhary said that Pradhan Mantri Garib Kalyan Yojana (PMGKY) was a last chance for people, who have not disclosed their income during the demonetisation period or the income disclosure scheme. He was speaking at a seminar on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 in Tirupati on Friday.
Tirupati: Chief Commissioner of Income Tax SP Choudhary said that Pradhan Mantri Garib Kalyan Yojana (PMGKY) was a last chance for people, who have not disclosed their income during the demonetisation period or the income disclosure scheme. He was speaking at a seminar on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 in Tirupati on Friday.
He said that and the poor would be benefitted. “The scheme is introduced on December 17 and will close on March 31. The scheme is for cash only and there is no provision for depositing gold,” he observed. Terming it as ‘twin brother of demonetisation’, the Chief Commissioner said, “One needs to file a single page chalan and disclose the cash and deposits.
They have to pay 50 per cent tax on declared amount. For the deposited amount banks will not pay any interest and there will be a lock in period of four years.”He warned that people, who failed to use this scheme have to pay a hefty 107 per cent tax including cess. “The department is transforming as tax-friendly and soon there will be no interface between tax payer and tax man," he said.
The Commissioner of Income tax, Tirupati M Jagadish Babu said that tax evasion would act as a dampener on those who pay tax sincerely. Commissioner of I-T – Appeals, K Devaratna Kumar, said that PMGKY does not mean that the money of the rich goes to the poor, only the tax amount goes to the poor.
Tax Bar Association President C Rajagopala Naidu presided the meeting. Representatives of various trade organisations attended the meeting.
