Existence of undisclosed bank deposits on date of PMGKY – CBDT Clarify

By | March 14, 2017
(Last Updated On: March 14, 2017)

Existence of undisclosed bank deposits non-mandatory on date of PMGKY payment: CBDT

Circular No 8 of 2017

Dated 14/03/2017

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.

 Download Clarification on PMGKY 2016

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