Diabytes
PMGKY News
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Prime Minister Narendra Modi on Tuesday extended the PM Garib Kalyan Anna Yojana for further five months till November-end. During his sixth address to the nation, PM Modi said that the government will keep providing free foodgrains to the poor section of the society due to the increased need during the festivals.
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Out of this, 15.54 lakh claims, disbursing Rs. 4580 crore to claimants, were related to the recently introduced COVID-19 advance under Pradhan Mantri Garib Kalyan Yojana (PMGKY).
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The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 percent.
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Income Tax department on Friday warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.
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The government and the RBI on Wednesday gave time till April 30 for "commensurate deposits" by people who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that allowed parking money in non-interest bearing deposits for four years.
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The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the new Income Tax Returns (ITRs) that would be notified soon for assessment year 2017-18.
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The CBDT will hold a high-level meeting later this week to review the progress in collections under the black money window of Pradhan Mantri Garib Kalyan Yojna (PMGKY), that will close on March 31.
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The I-T department on Thursday nudged blackmoney holders to make "honest" disclosures under the tax amnesty scheme -- PMGKY -- warning that non-declaration could attract 77.25 percent tax and penalty along with prosecution.
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The government has warned banks of "de-authorisation" of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31.
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The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.
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Nearly half of the 18 lakh people under the I-T scanner for suspicious bank deposits post cash ban have been put in the 'doubtful' category, but action against them will follow only after the new tax amnesty scheme ends on March 31.
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Armed with information about unaccounted cash of Rs 4.7 lakh crore, deposited by 18 lakh individuals, the government on Thursday said that queries have been sent to those 10 lakh people through SMS, email so far.
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The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.
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The income tax department on Sunday advised the black money holders that their undisclosed assets are "not hidden" from its gaze.
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The pressure built up by the income tax department post-demonetisation prompted those under scrutiny to opt for the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
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The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme PMGKY, a move that comes amidst the Income Tax department uncovering anomalies post demonetisation.
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The I-T department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
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No one will be able to pay tax, surcharge, penalty and deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme in demonetised notes after December 30, even though the scheme will continue till March 31, 2017, an Income Tax official said on Wednesday.
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Black money holders keen to avail of the new tax evasion amnesty scheme will have to first deposit 49.9 percent tax and park a quarter of their unaccounted cash in zero-interest deposit before being able to apply for it.
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The payments under the new black money disclosure scheme Pradhan Mantri Garib KalyanYojana (PMGKY), can be made till December 30, 2016.
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