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{{Short description|Scheme launched by the Narendra Modi led Government of India}} | |||
{{italic title}} | {{italic title}} | ||
{{distinguish|Pradhan Mantri Garib Kalyan Yojana, 2020}} | {{distinguish|Pradhan Mantri Garib Kalyan Yojana, 2020}} | ||
{{Use dmy dates|date=January 2018}} | {{Use dmy dates|date=January 2018}} | ||
{{Use Indian English|date=January 2018}} | {{Use Indian English|date=January 2018}} | ||
'''''Pradhan Mantri Garib Kalyan Yojana'', 2016 (PMGKY)''' (English, Prime Minister's Poor welfare scheme) is a scheme launched by the [[Narendra Modi]] led [[Government of India]] in December 2016 on the lines of the [[Income declaration scheme, 2016]] (IDS) launched earlier in the year. A part of the [[The Taxation Laws (Second Amendment) Act, 2016|Taxation Laws (Second Amendment) Act, 2016]], the scheme provides an opportunity to declare unaccounted wealth and [[Black money in India|black money]] in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/economy/policy/government-announces-new-income-declaration-scheme-pm-garib-kalyan-yojana-stringent-penalties-prescribed/articleshow/56020146.cms|title=Government announces new income declaration scheme 'PM Garib Kalyan Yojana'; stringent penalties prescribed|newspaper=The Economic Times|access-date=2017-01-19}}</ref><ref>{{Cite web|url=http://www.moneycontrol.com/news/tax/new-income-disclosure-scheme-do-or-die-for-black-money-holders_8050581.html|title=New income disclosure scheme: Do or die for black money holders|website=www.moneycontrol.com|access-date=2017-01-19}}</ref><ref>{{Cite news|url=http://www.dnaindia.com/india/report-pm-garib-kalyan-yojana-providing-chance-to-turn-black-money-into-white-begins-today-2283706|title=PM Garib Kalyan Yojana providing chance to turn black money into white begins today {{!}} Latest News & Updates at Daily News & Analysis|date=2016-12-17|newspaper=dna|language=en-US|access-date=2017-01-19}}</ref> | '''''Pradhan Mantri Garib Kalyan Yojana'', 2016 (PMGKY)''' (English, Prime Minister's Poor welfare scheme) is a scheme launched by the [[Narendra Modi]] led [[Government of India]] in December 2016 on the lines of the [[Income declaration scheme, 2016]] (IDS) launched earlier in the year. A part of the [[The Taxation Laws (Second Amendment) Act, 2016|Taxation Laws (Second Amendment) Act, 2016]], the scheme provides an opportunity to declare unaccounted for wealth and [[Black money in India|black money]] in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/economy/policy/government-announces-new-income-declaration-scheme-pm-garib-kalyan-yojana-stringent-penalties-prescribed/articleshow/56020146.cms|title=Government announces new income declaration scheme 'PM Garib Kalyan Yojana'; stringent penalties prescribed|newspaper=The Economic Times|access-date=2017-01-19}}</ref><ref>{{Cite web|url=http://www.moneycontrol.com/news/tax/new-income-disclosure-scheme-do-or-die-for-black-money-holders_8050581.html|title=New income disclosure scheme: Do or die for black money holders|website=www.moneycontrol.com|access-date=2017-01-19}}</ref><ref>{{Cite news|url=http://www.dnaindia.com/india/report-pm-garib-kalyan-yojana-providing-chance-to-turn-black-money-into-white-begins-today-2283706|title=PM Garib Kalyan Yojana providing chance to turn black money into white begins today {{!}} Latest News & Updates at Daily News & Analysis|date=2016-12-17|newspaper=dna|language=en-US|access-date=2017-01-19}}</ref> | ||
Valid from December | Valid from 16 December 2016 to 31 March 2017, the scheme could only be availed to declare income in the form of cash or deposits in Indian bank accounts and not in the form of jewellery, stock, immovable property, or deposits in overseas accounts.<ref>{{Cite web|url=http://www.moneycontrol.com/news/tax/no-stocks-property-disclosure-under-new-black-money-scheme_8295481.html|title=No stocks, property disclosure under new black money scheme|website=www.moneycontrol.com|access-date=2017-01-19}}</ref><ref name=":0">{{Cite news|url=http://www.zeebiz.com/india/news-foreign-accounts-property-bullion-cant-be-disclosed-under-pradhan-mantri-garib-kalyan-yojana-scheme-govt-10998|title=Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt|date=2017-01-18|newspaper=Zee Business|language=en|access-date=2017-01-19}}</ref> | ||
Not declaring undisclosed income under the PMGKY | Not declaring undisclosed income under the PMGKY would attract a fine of 77.25% if the income is shown in tax returns. In case the income is not shown in tax returns, it will attract a further 10% penalty followed by prosecution.<ref name=":0" /> | ||
== See also == | == See also == | ||
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== References == | == References == | ||
{{reflist | {{reflist}} | ||
{{Taxation in India}} | {{Taxation in India}} | ||
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[[Category:Income tax in India]] | [[Category:Income tax in India]] | ||
[[Category:2016 in Indian economy]] | [[Category:2016 in Indian economy]] | ||
[[Category:Government schemes in India]] | |||
Latest revision as of 14:00, 17 June 2025
Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) (English, Prime Minister's Poor welfare scheme) is a scheme launched by the Narendra Modi led Government of India in December 2016 on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provides an opportunity to declare unaccounted for wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years, without any interest.[1][2][3]
Valid from 16 December 2016 to 31 March 2017, the scheme could only be availed to declare income in the form of cash or deposits in Indian bank accounts and not in the form of jewellery, stock, immovable property, or deposits in overseas accounts.[4][5]
Not declaring undisclosed income under the PMGKY would attract a fine of 77.25% if the income is shown in tax returns. In case the income is not shown in tax returns, it will attract a further 10% penalty followed by prosecution.[5]
See also[edit | edit source]
References[edit | edit source]
- ↑ "Government announces new income declaration scheme 'PM Garib Kalyan Yojana'; stringent penalties prescribed". The Economic Times. Retrieved 19 January 2017.
- ↑ "New income disclosure scheme: Do or die for black money holders". www.moneycontrol.com. Retrieved 19 January 2017.
- ↑ "PM Garib Kalyan Yojana providing chance to turn black money into white begins today | Latest News & Updates at Daily News & Analysis". dna. 17 December 2016. Retrieved 19 January 2017.
- ↑ "No stocks, property disclosure under new black money scheme". www.moneycontrol.com. Retrieved 19 January 2017.
- ↑ 5.0 5.1 "Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt". Zee Business. 18 January 2017. Retrieved 19 January 2017.