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19
January 2017
The government on Wednesday
clarified that only unaccounted domestic cash holding can be declared under the
new tax evasion amnesty scheme announced after demonetisation and not
jewellery, stocks, immovable property or overseas accounts. The Total Investment
& Insurance Solutions
"The Scheme is hence not
available for declaration of an income which is represented in the form of
assets like jewellery, stock or immovable property," the government said
by way of a second set of frequently asked questions (FAQs) on the Pradhan
Mantri Garib Kalyan Yojana (PMGKY) announced in November. The Total Investment
& Insurance Solutions
"Only income represented in
form of cash or deposit in an account can be declared," it said.
Under this scheme, undisclosed
income deposited in any bank or post office account can be declared by paying
50 per cent of the amount in taxes and surcharges. Besides, a quarter of the
total sum is to be put in a non-interest bearing deposit for four years.
The Central Board of Direct Taxes
(CBDT) said that a person "against whom a search/survey operation has been
initiated is eligible to file declaration under the Scheme".
"Undisclosed income represented
in the form of deposits in foreign bank account is not eligible for the
Scheme."
The Total Investment & Insurance Solutions
CBDT said a declaration under the
PMGKY scheme can be filed in respect of deposits made in an account maintained
with an specified entity by any mode such as cash, cheque, RTGS, NEFT or any
electronic transfer system. The Total Investment & Insurance
Solutions
No credit for advance tax paid, TDS
or TCS will be allowed under the scheme.
"A person can avail the scheme
for any assessment year commencing on or before April 1, 2017. Hence, deposits
made in bank account prior to financial year 2016-17 can also be declared under
the Scheme," it said. The Total Investment & Insurance
Solutions
Announced following the government
decision to scrap Rs 500 and Rs 1,000 notes, PMGKY commenced on December 17,
2016 and will remain open till March 31, 2017.The Total Investment
& Insurance Solutions
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