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Pradhan Mantri Gareeb Kalyan Yojaneyein (PMGKY)

Pradhan Mantri Gareeb Kalyan Yojaneyein (PMGKY)

Pradhan Mantri Gareeb Kalyan Yojaneyein

This amazing scheme is meant for the people who have unaccounted money which they extracted. If they are willing to declare the money to the government means they can do it under this scheme known as Pradhan Mantri Gareeb Kalyan Yojaneyein. It will be very easy and can be done by following these three important steps and they are defined in the second amendment by the bills passed in the Taxation Law Bills in the year 2016. This scheme will not for the people who have already used their unaccounted money in different ways which are illegal.This scheme doesn't allow those persons to declare their illegal money. They hide their money from the government to save their money from tax problem. But the change in currencies in the recent days made them take serious action against their hidden money to save them. Now, they come out with their money which is unaccounted. Even though they have come out with the hidden money, they will be charged with taxation policies in a strict as well as serious mode.

Three Important Steps Of Pradhan Mantri Gareeb Kalyan Yojaneyein:

People who have hidden the money have to give the reason for the unaccounted money which is extracted. To continue the process they must have to account the extracted money under the scheme of Pradhan Mantri Gareeb Kalyan Yojaneyein. The steps involved in this process are given as follows.

Declaring The Deposits As Well As Cash:

The declaration will take place based on the amount they are having on which the amount may be accounted or unaccounted. The amount is made to be deposited in the Reserve Bank Of India or in any other bank that is recognized. Then the amount will be taken by the bank and they will make the transfer of amount by modifying that money into new currencies.

Make The Deposit By Paying Tax:

Normally a person has to pay 30 percent of his/her income to the government. Apart from this, they have to pay 33 percent of his/her income under this scheme. Then the person has to pay 10 percent of his/her overall income as the penalty charge. So the charge will be totally around 50 percent of the overall money and it will be allocated for the government fund. Also, the person has to pay 25 percent of the overall money to the Pradhan Mantri Gareeb Kalyan Yojaneyein scheme. The deposit made by the person will be blocked for a time period of four years and after that, the money will be returned to them without any interest.

Make the Declaration of Payment And Deposit Proof:

After completing the above the steps it is necessary for the person to file a form and also he/she must verify it depending on the rules and regulations provided by the government. The declaration should have to be submitted with the proper proof. After this procedure, if the person is found to have unaccounted money they will be punished with a higher tax.

Taxation Policies To Those People Who Will Declare:

It is liable when a person is disclosing the whole amount but it is in an undisclosed condition in front of the government. If a person done like this means then he/she must have to pay taxation and investment regime for the Pradhan Mantri Gareeb Kalyan Yojaneyein scheme. That is he/she has to pay 30 percent of the undisclosed amount and 10 percent of it as a penalty charge. Apart from all these he/she has to pay 33 percent of it as a tax to the Pradhan Mantri Gareeb Kalyan Yojaneyein and all these will come around 50 percent of the total balance amount.

Not Declaring The Undisclosed Amount:

If the person is not disclosing the amount and holding the unaccountable cash without declaring it to the government, then there will be a chance of getting caught by the government. They will be caught by the investigation done by the government and once if they are identified, then they have to pay flat 60 percent of the total amount. They also have to pay additionally 15 percent of it for surcharge which will be totally up to 75 percent of the overall amount and after that, they have to pay 10 percent as the penalty charge. So, remember that if you hide the undisclosed money from the government then you have to pay more than 75 percent of the total money you hide from them.

Important Facts About The Scheme:

Here are some points that you have to keep in mind about the amendment of the Tax Bill are given in the following.

  • Under this scheme, it is very important to know that the disclosure of amount is mandatory.
  • The different types of funds that are to be collected under this scheme will be used to make much more improvements in the nation. These improvements will be used for the underprivileged and poor people in the society and some of the improvements include education, infrastructure as well as healthcare.
  • If the individuals had paid the corresponding taxes and penalty for their amount which are undisclosed, then their amount will be returned after some period without any penalty. They will be given rights to access their fund in the future.
  • In case if the individuals failed to disclose the account under the scheme Pradhan Mantri Gareeb Kalyan Yojaneyein, then the penalty and the taxes they have to pay will be much higher. The tax they have to pay will be 60 percent and the penalty will be 25 percent of the undisclosed amount. Therefore totally they have to pay more than 75 percent of the overall money.
  • In addition, they must also have to pay 10 percent of it as the penalty charge which brings up to 85 percent. So totally they have to pay almost 85 percent of the amount they hide.
  • The taxation policies made in the year 2016 had made a big revolution and the people who have unaccounted money suffered a lot. This scheme will definitely be a part of the development of the nation and step towards the growth of the nation. This scheme is also meant for distributing an equal amount of income to all the people of the nation.
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