Vol. 3, Issue 12 (2016)
Pradhan Mantri Garib Kalyan Yojana: Last chance to declare unaccounted income
Author(s): Basavaraj Nagesh Kadamudimatha
Abstract: The Lok Sabha has passed the Pradhan Mantri Garib Kalyan Yojna (Second Amendment) Bill, 2016 in the Lok Sabha. The Bill was introduced as some of the existing provisions of the Income Tax Act, 1961 can possibly be misused for concealing black money. The new bill attempts to impose a higher rate of tax and penalty in respect of undisclosed incomes. The Prime Minister of India Shri Narendra Modi 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.