Pradhan Mantri Garib Kalyan Yojana – The scheme is launched by the government of India along with the ministry of finance in the year 2016. The main aim of the scheme is to avoid black money in the country by encouraging the people who are having the black money and does not produce in accounting. Pradhan Mantri Garib Kalyan Yojana launched in the year 2016 by the Prime Minister of India Mr. Narendra Modi.
You can read more below on the page.
The aim of the scheme(PMGKY)
Under the scheme, the candidates who are willing to produce the amount in front of the department of income tax or the government of India had a timeline of December 16, 2016, to March 31st, 2017 only. The people who have produced the black money in this duration of the period only construct and they can be allowed free without having any prosecution and also can get 25% of the total black money instantly and the remaining 20% can take after 4 years. The amount which the candidate has to produce should be in the form of cash only. The amount should not be in the form of gold jewelry, immovable assets, stocks or any other forms of deposits.
Why PMGKY?
The scheduled duration given as a provision to the business and other sector population in India who is earning sources are very high to submit their income tax and avail the benefits given by the government of India under the scheme Pradhan Mantri Garib Kalyan Yojana 2016. As expected a good amount of response from the population, the main focus population are, the businessman who is majorly involved in the trade sector, the population who are into the business models which are in service-based and there are no proper evidence-based transactions towards the service and the payment, the gold and jewellery merchants who are having earnings at a very high level and the returns are in very poor level, and also the population who are individuals earning sources are very high through the various mediums like entrepreneurship, freelancing, brokerage and financial transaction services. From all the above-mentioned sectors are categorized as the very less amount of taxpayers whose income are more than 6 times of their actual tax return submission amounts.
Purpose of PMGKY
According to the income tax and national survey on income sources of Indian citizens is high and the proper taxpayers among them are very less. More than 60% of the population in India are showing fewer income sources to get less amount of tax to be paid. This is basically reflecting in the Indian GDP and also slowing down the economic growth of the country. It also tends to encourage the people towards increasing the black money. Finally, the overall financial market of India is moving to a critical situation due to the nonaccountability of income by most of the population. To avoid such a situation, the prime minister of India along with the ministry of finance proposed and implemented the scheme which basically encourages the people to come forward for submitting their proper income tax on time.
Pradhan Mantri Garib Kalyan Yojana (PMGKY) Benefits
The scheme offering the benefits to avail by each and every citizen whoever having the high in income sources and less in the tax amount returns. By approaching the nearby income tax department the taxpayers can avail the benefits of the scheme within a daytime but show all the documents and the incomes which are having additional. The complete process will take a daytime and the whole information will be kept confidential and there will be no further investigations or income tax rides held on that particular taxpayer. In extension to the scheme benefits, there will be no further legal proceedings or cases will be filed on that particular taxpayer. The taxpayer will be free from all kinds of income tax headaches after successful completion of availing the scheme, from the day the completion of tax emissions the taxpayer should be prominent on submission of income tax documents and paying the income tax as well.
Working of scheme
Under the scheme the people who are having the black money and avoided payment of taxation as income source can pay the amount of black money to the government of total 50% without erasing any questions or the information will be confidential. Under the remaining 50%, the person can get 25% of the amount in writing at the time of submission and the remaining 25% of the amount have to invest in various government proposed schemes running across India and can get after successful completion of 4 years duration. Which means the beneficiary can enjoy the amount of 25% only the total black money projected and the remaining will get at the time of 4 years duration completion.
Applying PMGKY Application Form
- People living in India can apply.
- The documents required are Aadhar Card and residence proof.
How to apply
- You can contact the panchayat if you are living in the rural area.
- And for Urban areas Municipalities can be contacted.
An application form is given below on our page :
Some Important Links
Pradhan Mantri Garib Kalyan Yojana PDF
Pradhan Mantri Garib Kalyan Yojana (PMGKY) – Application Form
https://dea.gov.in/sites/default/files/NotificationSO4061.pdf
Conclusion
The concept is purely for the purpose of illuminating the black money and encouraging the population whoever having the high amount of black money and unable to produce in front of the income tax department due to various legal complications. Under the skin, the population can get the benefits and the whole information will be kept secret for the lifetime. There will be no further investigation is happened to the particular taxpayer.
As expected a huge response from the scheme from various sectors in India, the oral benefits and scheme proceedings are expected to close within the duration given and the letter on stages the income tax department will proceed with income tax rates on those taxpayers whoever not avail the scheme benefits on time based on their transactions. By availing income declaration scheme 2016 the people whoever want to produce there additional income source tax return can perform without facing any difficulties. In case of missing the given duration to avail the scheme benefits, based on the transaction performed during the last year to till the date the income tax department will do the income tax rides and take it through the further proceedings.
The skin expected around 20% of the population to submit their tax returns under the scheme and availing the additional benefits provided. The majority of the returns are expected from the financial sector and service-based industries. The expected whole amount of income tax submissions under the scheme is about 30000 crores. And also this scheme encourages the other schemes to get funds.
Helpline Number:
- Aaykar Sampark Kendra (ASK): 18001801961/1961
- PAN/TAN: +912027218080
- e-Filing of Income Tax Return: 180042500025 and+918026500025
- Refund/Refund re-issue/Rectifiaction: 18004252229
- TDS Centralised Processing Centre (TRACES): 18001030344, +911204814600 and [email protected]
- Tax Return Preparer Scheme (TRP Scheme): 18001023738, [email protected] & [email protected]