- Advertisement -
Home Uncategorized Now Indian Currency old Rs 500 and Rs 1000 notes use for...

Now Indian Currency old Rs 500 and Rs 1000 notes use for paying tax and penalty

- Advertisement -

New Delhi: The payment towards tax, surcharge, penalty, and deposit under the new black money disclosure scheme Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in old banknotes of Rs 500 and Rs 1,000 up to December 30.

The taxation and investment regime for Pradhan Mantri Garib KalyanYojana (PMGKY), 2016 has commenced on December 17 and is open for declarations up to 31st March 2017.

The payment of tax, surcharge, and penalty under the scheme is to be made through challan ITNS- 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

RELATED POST: WHAT YOU NEED TO KNOW ABOUT TAX LIENS




ALSO READ: PM MODI KILLS RS 500, RS 1000 FROM MIDNIGHT TONIGHT

old Rs 500 and Rs 1000 currency notes

This is the second such income disclosure scheme that gives tax evaders another chance to come clean. The first scheme, which began in June closed on 30 September.

However, unlike the earlier income declaration scheme, a tax evader will have to first pay the tax, put money in the deposit scheme and then make a declaration—either online or at an income tax office.

The government has tightened the noose on black money holders and is planning to apply technology like data analytics and data mining to sift accounts of black money holders from the deposits made up to December 30.

The new scheme offers tax dodgers confidentially and immunity from prosecution.

Under the scheme, a declarant of undisclosed income needs to pay a tax of 30%, a penalty of 10% and a Pradhan Mantri Garib Kalyan Cess of 33% on the tax, all of which add up to around 50%.

In addition, the declarant will have to deposit 25% of the undisclosed income in the zero-interest Pradhan Mantri Garib Kalyan Deposit Scheme for four years. He needs to furnish his permanent account number (PAN) while making his declaration. Part of the proceeds of the scheme will be used for welfare schemes for the poor.

- Advertisement -
- Advertisement -

Stay Connected

16,985FansLike
1,850FollowersFollow
2,458FollowersFollow

Must Read

How An Accountancy Firm Can Benefit Your Business Finances

At the early stages of a business, running it as a one-man-show may not be difficult. You might play all the roles involved, such...
- Advertisement -

Bitcoin – Top 4 Great Advantages that Users Get!

The world is developing rapidly with lots of emerging technologies. These particular technologies made the lives of people very easy than before. People can...

Bitcoin wallet- Store your bitcoins in digital wallets!

Bitcoin is a digital currency, and when we discuss technically, these coins are made up of 1s and 0s. These coins are stored in...

Working on Bitcoin explained in detail!

You must have seen that digital currencies are getting popular these days. The most trending cryptocurrency is bitcoin, which is gaining more and more...

Recent Published Startup Stories

The Fastest Growing Eyewear Start-up

When looking for online spectacles, you can come across a plethora of brands that retail glasses and sunglasses. However, you can not find one...

InfoClutch: Providing Success-Driving B2B Marketing Data Solutions Across the Globe

InfoClutch is a B2B data marketing company based in Edison, New Jersey, that fulfills its clients’ tailored data and information research, analytic, and communication...

Price2Spy’s Path To Success In A Dynamic E-commerce Environment

Decades ago, sellers used to manually strive the idea of their competitors each striking point so that they could come up with something more...

Outfunnel: The Revenue Marketing Automation Tool For Smbs

Marketing automation drives a 14.5% increase in sales productivity and a 12.2% reduction in marketing overhead; Mind-Boggling, isn’t it? Well, what if we tell...

The List of Best Top 10 Startup Incubators and Accelerators Worldwide

The number of startups in the world are increasing. They are successful with the backing of the best incubators in the world. The incubators...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Select Language »