Bhubaneswar : India Government has launched the highly acclaimed Pradhan Mantri Garib Kalyan Yojana (PMGKY) in a bid to encourage citizens to come forward and disclose their hidden properties. State IT department organised a press meet to make aware people about its facets.
Briefing media persons here at Income Tax Office here on Friday, IT Principal Chief Commissioner Bijoy Kumar Mishra highlighted some salient features of the scheme.
- The scheme will be operative between Dec 17 and March 31.
- The disclosed income will be taxed at 30 per cent of undisclosed properties, surcharge at 33 per cent and penalty at 10 per cent of such income.
- After payment of tax, 25 per cent of undisclosed income will be mandatorily transferred to Pradhan Mantri Garib Kalyan Deposit Scheme. These deposits will be interest free and have a locking period of 4 years.
- The name of the declarant shall be kept confidential.
- The undisclosed income declared under the scheme will not be include in the total income of the declarant under IT act.
- PAN is the KYC for the scheme and if an applicant does not have PAN he or she should first apply for it and then only can avail the scheme.
- In case the properties and assets are un disclosed they will be liable to be taxed to 77.25 per cent when disclosed in income return followed by 10 per cent surcharge and prosecution if income is not declared in return.