Skip to main content

Govt may give you another chance to come clean if you have dodged tax ​​on old ​notes


‘The Taxation Laws (Second Amendment) Bill, 2016’ was introduced in the Lok Sabha as a Money Bill which necessarily does not require assent of the Upper House of Parliament. (Source: Reuters)
Government is likely to notify this week the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax on junked currency deposited in banks post demonetisation. The Pradhan Mantri Garib Kalyan Yojana (PMGKY) provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.
The Department of Revenue will by the end of the week notify PMGKY 2016, which was a part of ‘The Taxation Laws (Second Amendment) Bill, 2016’ and was approved by the Lok Sabha on November 29.
“The notification will provide details as to how declarations are to be made (format) and the manner of paying taxes, whether in instalments or in full. It will also provide an end date to the PMGKY scheme,” an official said.
‘The Taxation Laws (Second Amendment) Bill, 2016’ was introduced in the Lok Sabha as a Money Bill which necessarily does not require assent of the Upper House of Parliament.
Constitution provides that that the Rajya Sabha is required to return a Money Bill passed by Lok Sabha within a period of 14 days from the date of its receipt. The period of 14 days is computed from the date of receipt of the Bill in the Rajya Sabha Secretariat, which is November 30 in this case.
“The 14 day period comes to an end on December 14. After that it will be presented to the President for his assent and thereafter, will be notified this week,” the official added.
The notification is also likely to specify that the disclosures in PMGKY scheme will ensure that no questions will be asked about the source of fund and there would be immunity from Wealth Tax, civil laws and other taxation laws. But there is no immunity from FEMA, PMLA, Narcotics and foreign Black Money Act.

In a major assault on black money, Prime Minister Narendra Modi had on November 8 announced demonetisation of 500 and 1,000 rupee notes and asked holders to deposit such notes in banks. Since then. people have been queueing up before the banks to deposit junked currencies.
Since November 10, Rs 11.85 lakh crore in form of old 500 and 1,000 rupee notes have returned into the banking system. It was estimated that the now defunct notes constituted 86 per cent, or Rs 14.5 lakh crore, in circulation.


Comments

Post a Comment

Popular posts from this blog

Antonio Guterres, former PM of Portugal, sworn in as 9th UN Secretary-General

United Nations Secretary-General-designate Antonio Guterres of Portugal speaks to members of the media after being sworn in at UN headquarters in New York, U.S., December 12 2016. Former Portuguese Prime Minister Antonio Guterres was sworn in as the ninth United Nations Secretary-General on Monday. He pledged to personally help broker peace in various conflicts and reform the world body so that it becomes more effective. Guterres, 67, will replace South Korea's Ban Ki-moon on January 1 2017 after Ban steps down at the end of this year. He served as secretary-general of the UN for 10 years. Guterres served as the prime minister of Portugal from 1995 to 2002 and as the UN High Commissioner for Refugees from 2005 to 2015. "From the acute crises in Syria, Yemen, South Sudan and elsewhere, to long-running disputes including the Israeli/Palestinian conflict, we need mediation, arbitration as well as creative diplomacy... As part of my good offices I am ready to engag...
Post a Comment
Read more

India developing atomic submarines, says Pakistan

File photo for representational purpose | PTI
Post a Comment
Read more

Smartphones of the future: flexible designs and new uses

The Lenovo CPlus is a prototype smartphone that can roll up and be worn around your wrist. With Gartner predicting worldwide annual sales of more than 1.5 billion units, here a few ways that smartphone devices could evolve in the coming years. When Steve Jobs unveiled the first iPhone in 2007 (also known as the "iPhone 2G"), it broke all the codes of the mobile phone market at the time. The device caused a sensation with its 3.5-inch touch screen, which could be used without a stylus thanks to multi-touch technology. It offered Edge, WiFi and Bluetooth connectivity and ran its own operating system. The iPhone was even picked as the year's "Best Invention" by Time magazine. Little by little, the smartphone -- defined as a cell phone with a touchscreen, connected to the internet and able to be loaded with various applications -- took over from more basic flip-phone handsets with limited functionality. In 10 years, no other model has shaken up the m...
Post a Comment
Read more