The Central Government has issued the procedural guidelines for implementation of<\/p>\n
FAQ 1 : WHAT IS THE PERIOD WITHIN WHICH DECLARATION HAS TO BE FILLED UNDER PMGKY<\/p>\n
The Central Government vide\u00a0Notification 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:-<\/p>\n
a) Date from which Declaration can be filled\u00a0-17-12-2016;<\/p>\n
b) Last Date of Declaration under the Scheme – 31-03-2017<\/p>\n
FAQ 2 : WHAT IS THE PROCEDURE FOR FILLING DECLARATION UNDER PMGKY, 2016?<\/p>\n
The Central Government vide\u00a0Notification 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:-<\/p>\n
a) The declaration of Income u\/s 199 G (1) has to be made in Form 1;<\/p>\n
b) The declaration has to be submitted to the Principal Commissione or Commissioner in the following manner:-<\/p>\n
(i) electronically under digital signature; or<\/p>\n
(ii) through transmission of data electronically under electronic verification code; or<\/p>\n
(iii) in print form<\/p>\n
FAQ 3 : WHAT CAN BE DECLARED AS INCOME UNDER THE PMGKY, 2016?<\/p>\n
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<\/strong><\/span> 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.<\/p>\n FAQ 4 : CAN A PERSON DECLARE OTHER UNDISCLOSED ASSETS LIKE LAND, FLAT, GOLD etc UNDER PMGKY, 2016?<\/p>\n No, a person can only disclose Cash or Deposits under PMGKY, 2016<\/p>\n FAQ 5 : WHAT CAN BE DONE, IF THERE IS AN ERROR IN THE DECLARATION FILLED UNDER PMGKY, 2016?<\/p>\n As per Rule 3 (3) of the PMGKY Rules, 2016 – A revised declaration can be filled for correction of error before 31-03-2017.<\/p>\n FAQ 6 : WITHIN HOW MUCH TIME THE CERTIFICATE FOR VALID DECLARATION BE ISSUED?<\/p>\n As per Rule 3 (4) of the PMGKY Rules, 2016 –\u00a0The 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.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 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\u00a0Notification 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 …<\/p>\n