What is PMGKY?
What is PMGKY?
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) was originally launched by Mr. Narendra Modi in 2015 as a scheme built with the objective of addressing poverty. However, with the recent demonetization drive launched by the government to curb the spread of black money, an amendment has been made to the existing Income Tax Bill and the PMGKY has been made a part of the Taxation Laws (Second Amendment) Act, 2016.
As per the revised amendment of the Income Tax Bill, individuals who are declaring their undisclosed income (black money), they will be required to pay a penalty of 10%, tax at the rate of 30%, CESS under the PMGKY at the rate of 33%. Additionally, 25% of their undisclosed income will be invested in the Pradhan Mantri Garib Kalyan Yojana scheme which will be refunded only after 4 years without accumulating any interest.
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