Wednesday, 8 February 2017

Government allows multiple deposits under Garib Kalyan Deposit Scheme

Ripples Advisory Private Limited, Indore @9303093093

The government has said that the declarants can make multiple deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). "The government has decided to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016," the Finance Ministry said in a statement. The deposits can be made by a person at authorised banks till March 31, it said. 

As per the scheme, the person will have to pay 30 per cent tax on income, 33 per cent surcharge on tax, 10 per cent penalty on income, totalling to nearly 50 per cent of the income to be declared under the scheme. In addition, an amount equal to 25 per cent of the declaration will have to be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years without any interest.

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