75. Consider the following statements related to Pradhan Mantri Garib Kalyan Yojana
i) PMGKY is Union Government’s second income disclosure scheme (IDS) to allow tax evaders to come clean with unaccounted wealth.
ii) Declarant of undisclosed income needs to pay 30% tax, 10% penalty and 33% Pradhan Mantri GaribKalyan Cess on the tax, all of which add up to around 50%.
Which of the above is/are correct?
75. Consider the following statements related to Pradhan Mantri Garib Kalyan Yojana
i) PMGKY is Union Government’s second income disclosure scheme (IDS) to allow tax evaders to come clean with unaccounted wealth.
ii) Declarant of undisclosed income needs to pay 30% tax, 10% penalty and 33% Pradhan Mantri GaribKalyan Cess on the tax, all of which add up to around 50%.
Which of the above is/are correct?
The correct option is C c) Both i and ii
Ans 75. C
Explanation: Pradhan MantriGaribKalyanYojana, 2016 (PMGKY) is on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years
c) Both i and ii
Ans 75. C
Explanation: Pradhan MantriGaribKalyanYojana, 2016 (PMGKY) is on the lines of the Income declaration scheme, 2016 (IDS) launched earlier in the year. A part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years
