JAMMU, Jan 9: Principal Commissioner of Income Tax, Sangeeta Gupta today discussed the salient features of the Pradhan Mantri Garib Kalyan Scheme and its implementation in Jammu and Kashmir with all the officers of Income Tax Department here.
The scheme is open from December 17, 2016 to March 31, 2017 and declaration under the scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.
Under this scheme, tax at the rate of 30% of the undisclosed income, surcharge at the rate of 33% of tax and penalty at the rate of 10% of such income is payable besides mandatory deposit of 25% of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme. The deposits are interest free and have a lock-in period of four years.
The declarations made under the scheme will not be admissible as evidence under any Act—Central Excise Act, Wealth-Tax Act, Companies Act etc. However, no immunity will be available under Criminal Acts mentioned in Section 199-O of the Scheme.
“Income Tax Department is in receipt of the details of all the persons who have deposited cash in their bank accounts beyond their regular sources after demonetization”, Principal Commissioner said, adding “the detailed information is being scrutinized by various wings of the department on priority basis and such persons and their accounts are being identified to take suitable action as per Income Tax Act”.
She has made a call to all the concerned to take advantage of the PMGKY and come out clean of this whole process.