The Central Government has issued the procedural guidelines for implementation of
FAQ 1 : WHAT IS THE PERIOD WITHIN WHICH DECLARATION HAS TO BE FILLED UNDER PMGKY
The Central Government vide Notification No. 115/2016, F.No.142/33/2016-TPL dated 16/12/2016 has notified the period for which this Scheme will be applicable as below:-
a) Date from which Declaration can be filled -17-12-2016;
b) Last Date of Declaration under the Scheme – 31-03-2017
FAQ 2 : WHAT IS THE PROCEDURE FOR FILLING DECLARATION UNDER PMGKY, 2016?
The Central Government vide Notification No. 115/2016, F.No. 116/2016, F.No.142/33/2016-TPL has notified the Rules and Form for filling of Declaration under PMGKY, 2016 with key guidelines as below:-
a) The declaration of Income u/s 199 G (1) has to be made in Form 1;
b) The declaration has to be submitted to the Principal Commissione or Commissioner in the following manner:-
(i) electronically under digital signature; or
(ii) through transmission of data electronically under electronic verification code; or
(iii) in print form
FAQ 3 : WHAT CAN BE DECLARED AS INCOME UNDER THE PMGKY, 2016?
As per Section 199 C of the Income Tax Act, 1961, a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with RBI, Banking Company or Cooperative Bank, Post Office or any other entity notified by the Central Government, chargeable to tax under the Income-tax Act for any assessment year commencing on or before the 1st day of April, 2017 can be declared under this PMGKY, 2016.
FAQ 4 : CAN A PERSON DECLARE OTHER UNDISCLOSED ASSETS LIKE LAND, FLAT, GOLD etc UNDER PMGKY, 2016?
No, a person can only disclose Cash or Deposits under PMGKY, 2016
FAQ 5 : WHAT CAN BE DONE, IF THERE IS AN ERROR IN THE DECLARATION FILLED UNDER PMGKY, 2016?
As per Rule 3 (3) of the PMGKY Rules, 2016 – A revised declaration can be filled for correction of error before 31-03-2017.
FAQ 6 : WITHIN HOW MUCH TIME THE CERTIFICATE FOR VALID DECLARATION BE ISSUED?
As per Rule 3 (4) of the PMGKY Rules, 2016 – The Principal Commissioner or the Commissioner, as the case may be, shall issue a certificate in Form-2 to the declarant within thirty days from the end of the month in which a valid declaration under sub-section (1) of section 199C has been furnished.