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of <h1>PM Garib Kalyan Yojana 2016: Declare Undisclosed Income with 49.9% Tax and 25% Mandatory Deposit Rule</h1> The circular explains the provisions of the Taxation and Investment Regime under the Pradhan Mantri Garib Kalyan Yojana, 2016, allowing persons with undisclosed income held in cash or specified accounts to declare it by paying a combined tax, surcharge, and penalty totaling 49.9%. A mandatory deposit of at least 25% of the declared income must be made into a specified deposit scheme with a four-year lock-in and no interest. Declarations can be made from December 17, 2016, to March 31, 2017, with payment required upfront. The scheme excludes persons under certain prosecutions or investigations and foreign undisclosed income subject to other laws. Declarations made with misrepresentation or without full payment are void, and taxes paid are non-refundable. Valid declarations prevent reopening of assessments and the declared income is excluded from total taxable income, with protections against use of the declaration in evidence except under specified laws.
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