Pradhan Mantri Garib Kalyan Yojana 2017 – Details About PMGKY Scheme PDF

Pradhan Mantri Garib Kalyan Yojana 2017

The Government of India announced for demonetization of higher denomination notes on 8th November 2016. The Government declared all the black money holders to surrender their black money before the end of the year 2016. They have announced the Pradhan Mantri Garib Kalyan Yojana 2017 as a last resort now for the black money holders to have their black money surrendered. If anyone has any unaccounted money in their possession they have to submit it by filling up the form of Pradhan Mantri Garib Kalyan Yojana 2017.this Yojana somewhat resembles the Income Declaration Scheme, also called as IDS. This Scheme will bring forward those faces who have unaccounted money with them, with no tax paid on it, and they will have to claim their amount to get their possession by legal means and utilize them in the future. This article shall prove as a helpful way to let the common man, and also anyone who has such amount of money with them, to claim the amount in a right way, and also what shall be the benefits of the Yojana for them.

Pradhan Mantri Garib Kalyan Yojana

Pradhan Mantri Garib Kalyan Yojana 2017 Taxation Policies:

Those who have interests in surrendering their amount before the Indian Government has to pay the given tax amounts as per the Pradhan Mantri Garib Kalyan Yojana 2017. The whole taxations added are,

Sr.no Particulars Tax to be paid
1. 50% Tax Rate
  • This 50% Tax Rate, is made up of 30% of tax, 33 % for Pradhan Mantri Garib Kalyan Cess, 10% Fine.
  • Total Tax rate comes out as (30+10+10=50%)
2. Other
  • Apart from the above 50% one also has to deposit the 25% of their claimed money in a Social Security Scheme.
  • The Rest 25% of their money will be kept safe under the Pradhan Mantri Garib Kalyan Deposit Scheme, for a period of 4 years in Reserve Bank of India and no interest on that sum of money will be paid to the person.
  • After the duration of 4 years, this whole 25% of the money will be returned back to the owner.

Check Here – Pradhan Mantri Yuva Yojana

Policies for the People who will not declare their money in the PMGKY Scheme:

Those who still haven’t surrendered their unaccounted money as per the guidelines of the Pradhan Mantri Garib Kalyan Yojana 2017 and if they are caught in the future with the money, they will be held responsible for paying a flat of 65% of their total amount. Excluding that, extra 25% from which there shall be 15% be surcharge which can account for a total of 75% of their entire amount and 10% of fine as a penalty should also be paid.

Taxation and Investment System for Pradhan Mantri Garib Kalyan Yojana:

Particulars Existing Provisions Proposed Provisions
The Penalty which has been imposed on General Provisions Penalty according to Section 270 A There are no charges proposed for this purpose
50% of tax under any report
Tax under Section 115BBE
No expense and deductions set-off will be allowed
Tax of nearly 200% of misreporting of money
Income and assessed income
Penalties imposed upon the provision for taxations and unexplained credit, and investment cash 30% charged flat with surcharge and cess added to them There will be 60% of flat rate with surcharge of 25%, there will be 75% of total tax
There shall be no deductions

How to Apply to the Pradhan Mantri Garib Kalyan Yojana:

There are several steps proposed in application process of the Yojana which are is follows,

  • The First step is Declaration of all the deposits and cash. One has to declare their accounted as well as unaccounted money through offering deposition into Reserve Bank of India or in any other authorized bank. This amount shall be collected through a bank and then it will be transferred for modification into new notes.
  • Second stage involves Deposits and payments of taxes. After one is done with the deposition of all the money in the bank, they have to offer payment of such taxes by declaring their money.
  • The third stage involves, where people are required to have a form field which then has to be verified on the base of rules and regulations set up by the government of India. One must make a proper declaration with necessary evidence.

Conclusion:

Pradhan Mantri Garib Kalyan Yojana has really had a revolutionary impact on the black money held by the holders have to undergo channeling and so that no higher denomination of notes stay at a single place, unpaid of tax. This will really act up in addition to nation’s economic growth and to eradicate economic differences between the citizens. This article is entirely focussed on economic growth of the country and that the poor gets proper income with proper rights and fair means which has been surpassed and are equal to everyone.

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Updated: January 30, 2017 — 3:15 pm

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