To whom does this PRADANMANTRI GARIB KALYANA YOJAN apply .I have some fixed deposits and postal deposits on which TDS is deducted and paid tax in financial year 2016 and for previous years also.My wife also have some bank FDS and postal deposits,she doesnt come under tax bracket till 2015-2016,but recently she has been promoted to a higher pay scale for which she will be paying taxes in 2017.I am confused and worried please explain to me about this scheme.I have not made any cash deposits but my wife made a cash deposit of rs57000/- in her savings account as she recieved dussehra bonus and payment in form of 500s and 1000s on her additional work.plz answer my all queries. thank you
Dear Sir,
This scheme is for those who have unaccounted money on which taxes has not been paid.
Since, in you case , you don't have unaccounted money, you don't need to opt for the scheme.
INR 57000 is too small, don't worry about that.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hi, the PMGKY Scheme is applicable to unaccounted or unexplained cash deposits in Bank Accounts in old Specified Bank Notes (SBNs) i.e the demonetized Rs. 500 and Rs. 1,000 Notes.
In your case, you have a perfect explanation for the amount deposited in SBNs. So you need not worry at all. Also, from my experience, I can say that Rs. 57,000 is too small an amount for the IT Department to initiate any proceedings against your wife.
Hi,
Kindly clarify that money deposited by your wife is RS 57000/-. only.
if that is the case, there is no need to declare it under PMGKY,
Hope including bonus in her salary income. Her income does not exceed her taxable income. then it is ok..she can explain that she has recieved as part of her salary - and it is the bonus amount which she has received as dussehra bonus. there must be proof of documents to prove it.
or else she can claim that these 57000/- are her savings from past earning/ household expense/ money received from her relatives on various occasions which she has not deposited in bank and kept for any emergency.
other options is that she can still file her income tax return for FY 2015-16 and declare bonus as part of her salary income.
Her case does not fall under PMGKY. - As she is not liable to pay any tax on Rs57000/- so it is not an undisclosed income.
The deposit under this Scheme shall be made by any person who declared undisclosed income under Pradhan Mantri Garib Kalyan Yojana, 2016. The deposit sum, which shall not be less than twenty-five per cent of the declared undisclosed income, can be deposited at the authorized banks (as notified by Government of India) from December 17, 2016 (Saturday) to March 31, 2017 (Friday).
Hello Sir,
The given scheme is for people who have evaded taxes and are currently hoarding unaccounted black money.
You need not worry about it if you have not evaded taxes in the past.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
To persons who deposited cash with unexplained sources. The cash deposit you made can be out of withdrawls from the Bank or out of income pertaining to current year on which you will be paying tax. That you can explain. This will not be covered in PMGKY
