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Consider the followings features of the Pradhan Mantri Garib Kalyan Yojana, 2016:
1) Declaration under the Scheme can be made by any person in respect of undisclosed income.
2) The deposits under this scheme are not interest free and have a lock-in period of four years.
3) The income declared under the Scheme shall not be included in the total income of the declarant under the Income-tax Act for any assessment year.
Choose the correct statements:
  • a)
    Only 2
  • b)
    1 and 3
  • c)
    2 and 3
  • d)
    1 and 2
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the followings features of the Pradhan Mantri Garib Kalyan Yo...
Answer: b
Explanation:
The salient features of the Pradhan Mantri Garib Kalyan Scheme are as under:
• Declaration under the Scheme can be made by any person in respect of undisclosed income in the form of cash or deposits in an account with bank or post office or specified entity.
• Tax at the rate of 30% of the undisclosed income, surcharge at 33% of tax and penalty at 10% of such income is payable besides mandatory deposit of 25% of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposits are interest free and have a lock-in period of four years.
• The income declared under the Scheme shall not be included in the total income of the declarant under the Income-tax Act for any assessment year.
• The declarations made under the Scheme shall not be admissible as evidence under any Act. However, no immunity will be available under Criminal Acts mentioned in section 199-O of the Scheme.
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Consider the followings features of the Pradhan Mantri Garib Kalyan Yojana, 2016:1) Declaration under the Scheme can be made by any person in respect of undisclosed income.2) The deposits under this scheme are not interest free and have a lock-in period of four years.3) The income declared under the Scheme shall not be included in the total income of the declarant under the Income-tax Act for any assessment year.Choose the correct statements:a)Only 2b)1 and 3c)2 and 3d)1 and 2Correct answer is option 'B'. Can you explain this answer?
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