Pradhan Mantri Garib Kalyan Yojana – Scheme to Declared your Undisclosed income and save some amount | Garib Kalyan Yojana Scheme Notification in Hindi & English

Hello Friends, as you know our PM Sh. Narendra Modi is trying his level best to eliminate the black money from the country. If you still haven’t disclosed the details of your excess money to the government, Pradhan Mantri Garib Kalyan Yojana might be the last chance. The rules of Garib Kalyan Yojana are simple. We have explained them later in the article. Our focus in this post is to answer the questions – What is Pradhan Mantri Garib Kalyan Yojana?, how is it related to Income Tax declaration scheme and what are the benefits.

Pradhan Mantri Garib Kalyan Yojana

The recently launched Garib Kalyan yojana, is similar to Income tax declaration scheme, however there are few differences. Under this scheme, tax rate will be higher and the declared income

Rules of this Scheme –

Declarant have to deposit 25 percent of the undisclosed income

Declarant has to pay 30% percent tax at this income plus a penalty rate of 10 percent will be there

A surcharge at 33 percent of tax will also be levied and will be named as Pradhan Mantri Garib Kalyan Cess

Pradhan Mantri Garib Kalyan Yojana Cess

This will be a special component under the income tax declaration scheme, where the payer needs to pay 33 percent surcharge on the tax levied.

PM Garib Kalyan Yojana in Hindi