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    Dec 3, 2016

    Points to Know for Declaring Income under PM Garib Kalyan Yojana

    1. Declaration to be made only in respect of cash or specified deposits.

    2. No crime money can be declared.

    3. Declaration in respect of undisclosed income taxable under Income-tax Act, 1961 upto assessment year 2017-18.

    4. Do not include foreign income/asset taxable under Black Money Act, 2015.

    5. Compute undisclosed income, tax, cess and penalty @ 49.9% of undisclosed income.

    6. Compute amount of deposit in PMGKY Bonds @ 25% of undisclosed income.

    7. Pay tax, cess and penalty @ 49.9%.

    8. Make requisite deposit in PMGKY Bonds @ 25% of undisclosed income.

    9. File declaration before notified date with Principal Commissioner or Commissioner along with proof of payment of @ 49.9% and proof of deposit @ 25%.

    10. Declaration, payment and deposits all to be made before notified date

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