Taxation and investment for Pradhan Mantri Garib Kalyan Yojana

Tax on investment Pradhan Mantri Garib Kalyan Yojana

1 Through the proposed Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government wants to give people an opportunity to declare undisclosed income and pay taxes with penalties.

2 This scheme will allow people to deposit previously untaxed money by paying 50% of the total amount: 30% as tax and 10% as penalty on the undisclosed income, as well as 33% of the taxed amount as cess.

3 The declarant will also have to deposit 25% of undisclosed income in a deposit scheme to be notified by the RBI under the `Pradhan Mantri Garib Kalyan Deposit Scheme, 2016'.

4 If the declarant refuses the option of using the government deposit scheme, 85% of the amount will be deducted as taxes and penalties.

5 For money that is found in raids, taxes and penalties of nearly 90% of the amount will be levied, leaving a mere 10% with the owner.

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