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
0 Comments