Monday, January 16, 2017

New deposit declaration scheme

Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, has started on December 17 and will remain open until March 31 next year. Those who declare cash deposits under this will be levied a charge of 50%, which breaks down into 30% tax, 33% surcharge and 10% penalty. In addition to this, 25% of the amount declared will go into the non interest-bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years.

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