The Central Board of Direct Taxes on Friday relaxed the deadlines for deposit and declaration under the Pradhan Mantri Gramin Kalyan Yojna, provided the income tax declarations were made by March 31, 2017.
PMGKY is a scheme launched by the government to allow people to declare their black money.
Representations from stakeholders have been received stating that in some cases tax, surcharge and penalty have been paid on or before March 31, 2017 but the corresponding deposit under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (Deposit Scheme) could not be made by the said date.
Accordingly, DEA vide notification S.O.1218(E) dated April 19, 2017 has extended the date of making the deposit under the Deposit Scheme up to April 30, 2017 in respect of cases where tax, surcharge and penalty under PMGKY has been paid on or before March 31, 2017.
Subsequently, CBDT vide Circular No.14 of 2017 dated April 21, 2017 has extended the date of filing of declaration under PMGKY to May 10, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before March 31, 2017, and deposit under the Deposit Scheme has been made on or before April 30, 2017.
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016(PMGKY)had commenced on December 17, 2016 and was open for declarations up to March 31, 2017.