Excel Form-1 PMGKY-2016 Declaration of undisclosed income under Pradhan Mantri Garib Kalyan Yojana Scheme-2016 us 199C. Download Excel Format of declaration
After the big claims of teaching hard lessons to the black money hoarders, the Government had already bowed down when it earlier announced an amnesty scheme with 50% tax with lock in period. Since then the scheme was much awaited.
The Finance Ministry has notified the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016 vide Notification No. 116 of 2016 dated 16/12/2016.
The Taxation Laws (Second Amendment) Act, 2016 has inserted a new Chapter IXA in the Finance Act, 2016 to provide for Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. Section 199C of the Chapter IXA enables the scheme for declaration of undisclosed income by a person in respect of any income, in the form of cash or deposit in an account maintained by him or her with a specified entity, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017.
The PM-GKY Scheme 2016 starts with 17th December, 2016 and ends on 31st March, 2016. In other words, declaration can be filed anytime beginning with 17-12-2016 and 31-03-2017 is the last date on and before which the declaration in Form-1 can be filed under section 199C(1).
Deposit to me made before filing Form-1 Declaration
Before filing a declaration in Form-1, the declarant is required to deposit at least 25% of the declared undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. An application for the deposit under this Scheme is to be be made in Form II
Where to file the Declaration:
The declaration in Form-1 can be filed with jurisdictional PrCIT/CIT manually or online verified under EVC or digital signature.