Existence of undisclosed bank deposits non-mandatory on date of PMGKY payment: CBDT
Circular No 8 of 2017
Clarification on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016
PMGKY scheme has commenced and it is open for declarations till March 31, 2017. Representations have been received from various stakeholders seeking clarification as to whether the deposits made in bank account or cash in hand which are eligible for declaration should exist on the date of filing of declaration under PMGKY.
The CBDT vide Circular No. 8/2017 has clarified that, it is not necessary that the said undisclosed deposits should exist on the date of making payments under PMGKY. However, undisclosed cash should exist on the date of making payment of tax, surcharge and penalty under PMGKY.