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Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

Income Tax - 2/2017 - Dated:- 18-1-2017 - Circular No.2 of 2017 F.No.142/33/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 18th of January, 2017 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter the Scheme ) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income .....

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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, Fixed Deposit Account, PPF Account, Senior Citizen Saving Scheme Account, Monthly Income Scheme Account, Jan Dhan Yojana Account are eligible for being declared in the Scheme? Answer: As per section 199C(1) of the Scheme, a person can make declaration in respect of any income i .....

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wer: No. Under the Scheme, only income represented in the form of cash or deposit in an account maintained with specified entity can be declared. The Scheme is hence not available for declaration of an income which is represented in the form of assets like jewellery, stock or immovable property. Question No.3: In case a deposit is made by interbank transfer i.e. transfers from one account to another account, whether such deposit can be declared under the Scheme? Answer: Yes, a declaration under .....

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cified 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 form of cash or deposit in an account maintained with specified entity. Question No.6: Wh .....

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ed foreign income and asset which is chargeable to tax under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Hence, undisclosed income represented in the form of deposits in foreign bank account is not eligible for the Scheme. Question No.8: Can a person come under the Scheme with respect to deposit made in a bank account prior to the Financial Year 2016-17? Answer: A person can avail the Scheme for any assessment year commencing on or before the 1st day .....

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g 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 .....

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