Government’s new income disclosure scheme (IDS), the Pradhan Mantri Garib Kalyan Yojana will enable the tax evaders to declare the unaccounted income till 31st March. This is government’s second such income disclosure scheme.
Anybody can make the declaration of the undisclosed income with the bank or post office.
You will have to pay tax, surcharge and penalty totalling up to 49.90% of the undisclosed amount.
25% of the undisclosed income has to be deposited in Pradhan Mantri Garib Kalyan Depoist Scheme, 2016.
The deposits are interest free and have a lock-in period of 4 years.
You 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
A person against whom a search or survey operation has been initiated is eligible to file declaration under the Scheme.
The Scheme is not available for declaration of an income which is represented in the form of assets like jewellery, stock or immovable property.
Undisclosed income represented in the form of deposits in foreign bank account is not eligible for the Scheme.
A separate foreign black money disclosure window was provided earlier which closed on September 2015.
Person in respect of whom an order of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.
An offence punishable under Chapter IX or Chapter XVII of IPC, the Narcotic Drugs and Psychotropic Substances Act, 1985, Unlawful Activities (Prevention) Act, 1967, Prevention of Corruption Act, Benami Act and PMLA, 2002
Person notified under Section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
Fill details online at https://incometaxindianefilling.gov.in or in print form to jurisdiction Pr. Commissioner/ Commissioner of Income Tax along with proof of payment of tax etc. and deposit under the Scheme
Total confidentially ensured. The contents of the declaration shall not be admissible in evidence against the declarant for the purpose of any proceeding under any Act
Total income declared under the Scheme shall not be taxable under the Income-tax Act, 1961.