https://www.taxtmi.com/circulars?id=55555 The circular explains a voluntary disclosure scheme permitting declaration of undisclosed cash or bank/post office account income chargeable to tax up to assessment years commencing on or before 1 April 2017. No deductions or set-offs are allowed against declared income. Declared taxpayers must pay tax at thirty per cent, a surcharge called Pradhan Mantri Garib Kalyan Cess calculated at thirty-three per cent of that tax, penalty at ten per cent, and deposit at least twenty-five per cent into the PMGKY Deposit Scheme (no interest, four-year lock-in); payments and deposit must accompany the declaration. en-us Tue, 27 Dec 2016 00:00:00 +0530 Fri, 01 Aug 2025 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=55555 The circular explains a voluntary disclosure scheme permitting declaration of undisclosed cash or bank/post office account income chargeable to tax up to assessment years commencing on or before 1 April 2017. No deductions or set-offs are allowed against declared income. Declared taxpayers must pay tax at thirty per cent, a surcharge called Pradhan Mantri Garib Kalyan Cess calculated at thirty-three per cent of that tax, penalty at ten per cent, and deposit at least twenty-five per cent into the PMGKY Deposit Scheme (no interest, four-year lock-in); payments and deposit must accompany the declaration. Circulars Income Tax Tue, 27 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=55555