PRADHAN MANTRI GARIB KALYAN YOJANA (PMGKY)

KEY POINTS

If you a willing to declare unaccounted income under PMGKY ,you need to follow three steps

• Step 1: Declaring about the deposits and cash
  All those deposits should be made with RBI or any recognized bank to convert deposits into new notes
• Step 2: Pay taxes and make the deposit
  30 % on undisclosed amount + Penalty - 10% on undisclosed amount + 33 % to pm garib kalyan cess (almost 50% of the total income to government fund)
  blocked amount : 25 % declared amount
  lock period : 4 years with no interest
• Step 3: Declaration should be made with payment and deposit proof
  Declarant should submit declaration form with proper evidence after verifying government rules
  After that declarant found to have unaccounted money then declarant charged with higher tax
• Last date to declare
  March 31st 2017
• If one is not declared the undisclosed amount :
  If he or she caught in investigation then pay - total amount + Penalty - 10% on undisclosed amount + 33 % to pm garib kalyan cess + 25 % surcharge (almost 75 % of the total income to government fund) + 10 % additional penalty

AIM

• To make india away from suffering lot of unaccounted money
• For the devevelopment of nation and equal distribution of income among every people of this nation

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