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All About New Income Disclosure Scheme to make Demonetisation successful Proposed Salient Features

Income Tax - By: - Manoj Agarwal - Dated:- 30-11-2016 Last Replied Date:- 1-12-2016 - Proposed Salient Features of Pradhan Mantri Garib Kalyan Yojna, 2016 for disclosing #blackmoney held as #cash or deposits 1. Applicable for undisclosed income in the form of Cash or deposits (including FD/RD,etc) held in in bank accounts or in Post Office (Section 199C) or any other sepecified entity. 2. Pay Income Tax @ 30% of Cash + Surcharge @ 33% of Tax + Penalty @ 10% of Cash i.e. aggregating to 49.90% of .....

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f of payment is to be attached with declaration.(Section 199H) 6. The amount of undisclosed income (cash) shall not be included in the total income of any assessment year of the declarant. (Section 199I) 7. The undisclosed income may have been earned at any time before 01-04-2017. (The provision inadvertently says on or before 01-04-2017, which should be rectified) 8. The declaration made under the scheme shall not be admissible in evidence against the declarant for the purpose of any proceeding .....

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laration has been made by misrepresentation or suppression of facts or without payment of 74.90% of cash as per scheme, such declaration shall be void and shall be deemed never to have been made under this Scheme. What constitutes misrepresentation or suppression needs clarification from the government. 11. If a person fails to make declaration as per above scheme, but file IT Return for AY 2017-18 (i.e. for Financial Year 2016-17) declaring any unexplained income/investment, cash credit, etc. u .....

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3. Higher Tax in Search Case - If any person admits of any unexplained income during a search (raid) conducted under section 132, substantiates the source of income and within a specified date, pays tax with interest and file return including such unexplained income, THEN he shall be liable to pay penalty u/s 271AAB @30% of unexplained income admitted in addition to Income tax + Surcharge + Ed. Cess as per point 11 i.e. 77.25% + 30% = 107.25% 14. In Search Case not covered by point 13, the penal .....

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