Govt gives 10 more days to declare unaccounted income under PMGKY

Ministry of Finance on Friday said that the date for filing of declaration under taxation and investment regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) has been extended up to May 10, 2017.

Launched on December 17, 2017, the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) was applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana - the scheme closed on March 31. 

As per the Ministry, the representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before 31st March, 2017 but the corresponding deposit under the PMGKDS, could not be made by the said date. 

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Following to this, on April 19, the Ministry had sent another notification which stated that it has extended the date of making deposit under the Deposit Scheme upto 30th April, 2017 in respect of cases where tax, surcharge and penalty under PMGKY has been paid on or before 31st March, 2017.

Now, the Ministry has extended the date further by ten days.

A Motilal Oswal report stated earlier that the Income Tax Department might dig in about Rs 28,500 crore as black money, which represents 50% of the income considered to be declared under the scheme. Such would imply tax receipts amounting to Rs. 24,200 crore.