Affording yet another opportunity to come clean, the Finance Ministry has issued a notification stating that payments towards Tax, Penalty, Surcharge and Deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) can be done in the demonetised currency notes of Rs.500 and Rs.1,000 till 30th December, 2016.
The payment of tax, surcharge and penalty under the scheme is to be made through challan ITNS- 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
The PMGKY commenced on Dec. 17, 2016, and is open for declaration upto March 31, 2017. Under PMGKY, the declarant has to pay a total tax of 50% of the entire amount, which includes tax, surcharge and penalty. Out of the remaining, 25% has to be compulsorily parked under the scheme for four years.
The latest move provides a window wherein the deposits can be made in demonetised cash till the last date available for acceptance of old notes by banks.
This article has been made possible because of financial support from Independent and Public-Spirited Media Foundation.