Pradhan Mantri Garib Kalyan Yojana Tax Rules: PGMKY 2016 Harsh Tax Rules

December 17, 2016 The Cool Team 484 Views 0 Comments

Pradhan Mantri Garib Kalyan Yojana Tax Rules

In order to put a check on persons still holding black money, government offered last window as Pradhan Mantri Garib Kalyan Yojana Tax Rules. This scheme which is full of stringent penalties will begin from December 17 and runs up to March 31 2017. As per the Income Disclosure Scheme and other such plans, there are Harsh Tax Rules in PGMKY 2016 in which undeclared income will be taxed at 30% with strict penalty as well as surcharges.

Pradhan Mantri Garib Kalyan Yojana Tax Rules

After the announcement by PM Narendra Modi, in which currency notes of 500 and 1000 were demonetized from November 8, another poor welfare scheme has come up in which 50 per cent penalty tax will be imposed.
Even, new email id blackmoneyinfo@incometaxgov.in is created in order to get more details related to unrevealed income. Besides this, disclosure related to black money would be kept secretive.
As per the schemes, the one who reveal undisclosed income is entitled to pay a penalty of 50 per cent. But, if you credit this part of your income in the bank deposits, then this amount will be sheltered for around 4 years at the rate of 25 percent.
If a case arises in which persons holding black money are caught, then Harsh Tax Rules are made. As a result, he will be entitled to 75% penalty tax which was earlier 10%.

PGMKY 2016 Harsh Tax Rules: Major Changes in Bill

Average Income, tax rate	Ten Million Income, tax rate
Undeclared income will be taxed at 30%. In addition to this, the penalty will be levied 10% on average. Along with this, 33% surcharge will be imposed. If you do not disclose undeclared income, then higher tax rate of 75% will be imposed along with penalty of 10%. Apart of it, 25% of the amount will be credited to Prime Minister poor Welfare scheme.	If your income is around ten million, 30% of its which is Rs 3 lakh will be deposited as tax. Along with this, 10% penalty will be imposed on it. Apart of it, surcharge 33% will be imposed which amounts to Rs.99,000 on 3 lakhs. Thus, in total you have to pay 4,99,000 as tax.
Twenty Million Income, tax rate	Fifty Lakh Income, tax rate
If your income is around 20 millions, 30% of its which is Rs.6 lakhs will be deposited as tax. Along with this, 10% penalty which is Rs.2 lakhs will be imposed on it. Apart of it, surcharge33% will be imposed which amounts to Rs. 1,98,000 Thus, in total you have to pay 9,98,000 as tax.	Now, if your income reaches around 50 lakhs, 30% of its which is Rs. 15 lakhs will be deposited as tax. Along with this, 10% penalty which is Rs. 5 lakhs will be imposed on it. Apart of it, surcharge 33% will be imposed which amounts to Rs. 4,95,000 Thus, in total you have to pay around 24,95,000 as tax.

Note

Persons who disclose their undisclosed income will not get any relief from Foreign Exchange and Prevention of Smuggling Conservation Act along with other laws. Apart of this, they may not relief from The Prevention of Corruption Act and the declaration of the Prohibition of Money Loundrig Anonymous Property Transactions Act.
Persons who take this scheme lightly and do not follow the scheme, later on caught have to pay harsh penalty around 85%.

Finally, you grab all the facts related to Pradhan Mantri Garib Kalyan Yojana Tax Rules. In order to catch the persons still holding black money, PGMKY 2016 Harsh Tax Rules are applied. For more details, stay updated with us at coolexample.in