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Tuesday, March 28, 2017

How to pay tax and file declaration under The Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) is available from 17-12-2016 to 31.03.2017.
The Steps for making payment of tax and deposit under PMGKY,2016 and file declaration under the scheme are as under:
Step 1: Pay Tax has to be paid @ 50 % in Challan 287 and link is : https://onlineservices.tin.egov-nsdl.com/etaxnew/PopServlet?rKey=-884004887
Step 2 : Deposit using Form 2 to pay 25% of the amount declared in a non-interest bearing deposit called Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 for 4 years in any authorised bank and such deposit will be transferable to nominee or the legal heir of the declarant only in the event of death of the declarant.
Step 3 : Fill Form 1 either online or offline.
Step 4: The Tax Department will issue a certificate to the declarant within 30 days from the end of the month in which a valid declaration has been furnished.
 There are two forms, Form 1 & Form 2 for filing of declaration u/s 199C in respect of the Taxation and Investment Regime for PMGKY.
Form 1 (PMGKY) is a declaration of amount held in cash or deposit in an account maintained with bank/post office etc.
Form 2 (PMGKY) is an Acknowledgement issued to the declarant by the Principal Commissioner or Commissioner.
Steps for Uploading Form 1 (PMGKY)  
Ø  User should have a valid PAN and should be registered in e-Filing portal to upload Form1 (PMGKY)
Ø  Form1 (PMGKY) can be filed online same as ITR by DSC or by EVC on E- Filing Portal
Ø  User has to enter either Office or Residence address is mandatory with PIN Code.
Ø  PAN shall be auto-populated from the login profile.
Ø  Aadhaar Number can be entered by the user and if already linked in the profile it will be pre-filled.
Ø  Status of the declarant can be selected by the user whether Original or revised and in case of revised – Receipt number and date of Original declaration with reason for revision are to be entered.
Ø  Total amount of undisclosed income declared is displayed in Rupees and in Words. The Amount held in cash is to be entered absolute figure and no decimal.
Ø  Details of amount deposited in bank account/ post office the following details are to be entered:
S.No.                             Account Type                       Account Number Institution Type    IFSC

Ø  Tax, Surcharge, Penalty and total are displayed based on the data entered by the user @ 30% Tax, 33% Surcharge & 10% Penalty respectively.
For Example if Declaration is for Rs.20 Lac
Then Tax will be @30% of Rs. 20 Lac                     Rs. 600000
Surcharge (PMGK Cess) @33% of Rs. 6 Lacs         Rs. 198000
Penalty @10% of Declared amount Rs.20Lacs    Rs. 200000

Ø  Details of amount paid on or before the date of declaration are to be given as under:
BSR Code                     Date of payment                  Amount Paid                         Challan No.

Ø  Detail of amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme,2016 the proof has to be attached and following information to be entered:
-      Amount Deposited @25% of the amount Declared
-      Date of deposit
-      Acknowledgement Reference Number
-      Name and details of Branch of the entity in which deposit is made
-      IFSC Code and name of branch of the institution.

Ø  Verification with PAN with or without DSC and scanned copies of Proof of payment of Total Taxes and Proof of deposit in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 are to be attached and uploaded.
Ø  At the time of uploading either attach signatures generated through DSC or code has to be generated.
-      Attachments cannot exceed 50MB.
-      Attachments must be in pdf or zip format.
-      Attachments should be scanned with minimum 300dpi.

-      Wherever there is a requirement in the Form to submit a signed copy of documents by an Assessee/CA as an attachment, upload the scanned copy of the same documents.

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