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TMI BlogClarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 .The Scheme has commenced on 17.12.2016 and shall remain open for declarations/deposit upto 31.03.2017. Queries have been received from the stakeholders seeking further clarity on certain provisions of the Scheme. The Central Government has considered the queries and decided to clarify the same in the form of questions and answers as follows.- Question No.1: Whether the amounts deposited in an account maintained with a bank or post office like Saving account, Current Account, Recurring Deposit Account, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on No.4: Where a notice under section 142(1) / 143(2) / 148 / 153A / 153C of the Income-tax Act has been issued to a person for an assessment year, will such person be eligible for making a declaration under the Scheme? Answer: Yes, such person is eligible to avail the Scheme subject to fulfilment of conditions specified in the Scheme. Question No.5: Can a person against whom a search/ survey operation has been initiated, file declaration under the Scheme and whether the cash seized during search operation can be declared under the Scheme? Answer: Yes, a person against whom a search/survey operation has been initiated is eligible to file declaration under the Scheme in respect of undisclosed income represented in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment) Act, 2016 ? Answer: The amended provisions of section 115BBE of the Income-tax Act, 1961 shall apply to A.Y.2017-18, relating to F.Y. 2016-17. Hence, undisclosed deposits between 01.04.2016 to 15.12.2016 shall also attract tax at the rate provided in the Taxation Laws (Second Amendment) Act, 2016 . Question No.10: Whether undisclosed income deposited/repaid in an Overdraft Account or Cash Credit Account or any loan account maintained with a bank is eligible for being declared under the Scheme? Answer: Yes, the amount deposited or repaid against an overdraft account/cash credit account/any loan account maintained with a bank or any specified entity is eligible for being declared under the Scheme. Question No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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