Taxation and Investment Regime… — Notification No. 116/2016 (F.No.142/33/2016-TPL)

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Taxation and Investment Regime… — Notification No. 116/2016 (F.No.142/33/2016-TPL) | CBDT notification · Complied AI

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What changed

The Central Board of Direct Taxes issues the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016. The rules apply to persons making a declaration of undisclosed income in the form of cash or deposit under sub-section (1) of section 199C of the Finance Act, 2016. Declarants submit Form-1 electronically under digital signature, through electronic verification code, or in print form to the notified Principal Commissioner or Commissioner. Declarants may furnish a revised declaration on or before the notified date. The Principal Commissioner or Commissioner issues a certificate in Form-2 within thirty days from the end of the month of the valid declaration. The Principal Director-General of Income-tax (Systems) specifies procedures for secure data capture and transmission.

What you must do

Furnish the declaration in Form-1 electronically under digital signature, through electronic verification code, or in print form to the Principal Commissioner or Commissioner.
Furnish a revised declaration on or before the date notified for filing declaration under sub-section (1) of section 199C if any omission or wrong statement is discovered.

Key dates

Effective from: 16 Dec 2016
Date of publication and commencement in the Official Gazette: 16 Dec 2016

Who is affected

Persons making a declaration of undisclosed income in the form of cash or deposit under sub-section (1) of section 199C of the Finance Act, 2016.

Thresholds

Minimum deposit amount in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 is 25% of the total amount of undisclosed income declared.

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Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official source

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)

NOTIFICATION New Delhi, the 16th December, 2016

THE TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA RULES, 2016

S.O.4059(E).—In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199R of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, subject to the control of the Central Government hereby makes the following rules, namely :—

Short title and commencement.—(1) These rules may be called the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016.

(2) They shall come into force on the date of their publication in the Official Gazette.

Definitions.— (1) In these rules, unless the context otherwise requires,— (a) “Act” means the Finance Act, 2016 (28 of 2016); (b) “Form” means a form appended to these rules;

(2) The words and expressions used and not defined in these rules but defined in the Act, or the Income-tax Act, 1961 (43 of 1961) or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts and rules.

Declaration of income in the form of cash or deposit in an account.- (1) A declaration of income in the form of cash or deposit in an account maintained with a specified entity, under sub-section (1) of section 199C shall be made in Form-1. (2) The declaration shall be furnished to the Principal Commissioner or the Commissioner, as the case may be, notified under sub-section (1) of section 199G,- (a) electronically under digital signature; or (b) through transmission of data electronically under electronic verification code; or (c) in print form. (3) If any person, having furnished a declaration under sub-rule (2), discovers any omission or any wrong statement therein, he may furnish a revised declaration on or before the date notified for filing declaration under sub-section (1) of section 199C. (4) The Principal Commissioner or the Commissioner, as the case may be, shall issue a certificate in Form-2 to the declarant within thirty days from the end of the month in which a valid declaration under sub-section (1) of section 199C has been furnished. (5) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and

transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the form in the manner specified in sub-rule (2) or sub-rule (3). Explanation.—For the purposes of this rule “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).

Form 1 [See rule 3 (1)]

FORM OF DECLARATION UNDER SECTION 199C OF THE FINANCE ACT, 2016, IN RESPECT OF THE TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA RULES, 2016

To,

The Principal Commissioner/Commissioner

……………………………………

Madam/ Sir,

I hereby make a declaration under section 199C of the Finance Act, 2016. I give below the necessary particulars:−

Name of the declarant ……………….……………………………………………………………………………
Address: Office……………………………………………………………….……………………………....

………………………………………………………………… Telephone No ……………..…… Residence…………………………………………………………………………………………… ……………………………………………………………………………………………………….. Mobile No. ………………….Telephone No………………… E-mail………………………….. 3. Permanent Account Number (PAN) (In case PAN is not held, please apply for PAN and quote the date of application and acknowledgment number)

………..……………………… 4. Aadhaar Number issued by UIDAI (if available) ………..……………………… 5. Status of the declarant (a) Whether individual, HUF, firm, company etc. ………………………………. (b) Whether Resident/Non-Resident/Not ordinarily resident …………….…………………

Filing status (a) Whether the declaration

is original

or revised (b) If revised-

(i) Enter receipt No. and Date of filing original Form-1 (DD/MM/YYYY)

/ /

(ii) Reasons for revised declaration (not exceeding 100 words)”.

………………………………………….. 7. (a) Total amount of undisclosed income declared

….……………………………..

(b) Out of (a) above:- (i) Amount held in cash

Rs.……………………………. (ii) Details of amount deposited in a bank account/post office account etc.

Sl. No.	Account number	Name of Bank/ Post office etc.	Branch name	IFSC code/ any other identity code	Amount (in Rs.)





Total

8. Tax payable thereon [@ 30% of item 7(a)] Rs.………………..……. 9. Surcharge payable thereon (@ 33% of item 8) Rs.…………………..….. 10. Penalty payable thereon [@10% of item 7(a)] Rs..……………………… 11. Total of tax, surcharge and penalty payable (8+9+10) Rs..………………………

Details of amount paid on or before the date of declaration

Rs.…………….………… (Attach proof of payment and provide details below)

Sl.	BSR Code of Bank	Date of Deposit (DD/MM/YYYY)	Serial Number of Challan	Amount (Rs)
(1)	(2)	(3)	(4)	(5)

13. Details of amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016

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