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Foreign accounts, property, bullion can’t be declared under PMGKY

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7 years ago

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Foreign accounts, property, bullion can't be declared under PMGKYNew Delhi: The government on Wednesday clarified that only unaccounted domestic cash holding can be declared under the new tax evasion amnesty scheme announced after demonetisation and not jewellery, stocks, immovable property or overseas accounts. “The Scheme is hence not available for declaration of an income which is represented in the form of assets like jewellery, stock or immovable property,” the government said by way of a second set of frequently asked questions (FAQs) on the Pradhan Mantri Garib Kalyan Yojana (PMGKY) announced in November.

“Only income represented in form of cash or deposit in an account can be declared,” it said. Under this scheme, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of the amount in taxes and surcharges. Besides, a quarter of the total sum is to be put in a non-interest bearing deposit for four years. The Central Board of Direct Taxes (CBDT) said that a person “against whom a search/survey operation has been initiated is eligible to file declaration under the Scheme”.

“Undisclosed income represented in the form of deposits in foreign bank account is not eligible for the Scheme.” CBDT said a declaration under the PMGKY scheme can be filed in respect of deposits made in an account maintained with an specified entity by any mode such as cash, cheque, RTGS, NEFT or any electronic transfer system. No credit for advance tax paid, TDS or TCS will be allowed under the scheme.

“A person can avail the scheme for any assessment year commencing on or before April 1, 2017. Hence, deposits made in bank account prior to financial year 2016-17 can also be declared under the Scheme,” it said. Announced following the government decision to scrap Rs 500 and Rs 1,000 notes, PMGKY commenced on December 17, 2016 and will remain open till March 31, 2017.

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Apple is giving a huge discount on its gadgets: Details inside

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2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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