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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Form 1 declaration under section 199C for undisclosed income under Pradhan Mantri Garib Kalyan Yojana regime</h1> Form 1 under section 199C of the Finance Act, 2016 is a statutory declaration for taxpayers opting for the Taxation and Investment Regime under the Pradhan Mantri Garib Kalyan Yojana Rules, 2016. The declarant must provide identity details (address, PAN, Aadhaar, status, residency), specify whether the declaration is original or revised, and disclose total undisclosed income, including cash and amounts in bank/post office accounts. It prescribes computation of tax (30%), surcharge (33% of tax), and penalty (10% of income), along with details and proof of payments and mandatory deposit (minimum 25% of undisclosed income) under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. A verification affirms correctness and that specified disqualifying laws do not apply.
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