New Delhi, April 21, 2017
Only for cases where tax and deposit payments were made on time
The Finance Ministry has extended the deadline for filing declarations under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) to May 10 from the earlier deadline of March 31.
The facility would, however, be available only in those cases where tax, surcharge and penalty were paid by March 31 and deposits made by April 30.
“Several representations were made that in some cases tax, surcharge and penalty were paid by March 31 but the deposit could not be made,” said the Central Board of Direct Taxes on Friday.
Earlier this week, the Department of Economic Affairs had extended the date for deposits under the scheme to April 30 in cases where the tax, surcharge and penalty we paid by March 31.
The government had launched the PMGKY after demonetisation of high value currency as a second chance for tax evaders to come clean.
It was open between December 17 last year and March 31 this year.
While the Finance Ministry had not budgeted any tax collections from it, sources said that not many have come forward to declare their unaccounted income and tax collections amount to just about Rs.4,000 crore in total.
[The Hindu Business Line]