How to make payment of tax under PMGKY?
Table of Contents
How to make payment of tax under PMGKY?
Challan 287:
Under Pradhan Mantri Garib Kalyan Yojana Scheme or PMGKY scheme, 2016 while making an income tax payment
Normally Challan 287 are using Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) Scheme, 2016, for making tax payments by taxpayers preparing to planning to disclose income during the period From 17 December 2016 until 31 March 2017 under the PMGKY Scheme.
Pradhan Mantri Garib Kalyan Yojana Scheme or PMGKY, 2016
You could report all of declaring any of your disclosed income (either in the form of cash or deposit) to pay tax, cess, or penalty under the taxation and investment regime of PMGKY, 2016. under the Pradhan Mantri Garib Kalyan Yojana Scheme, 2016, the tax on such declare any of your disclosed earnings is to be deposited in government accounts with the help of Challan 287 under the income tax.
How to make payment of tax under PMGKY?
Under Pradhan Mantri Garib Kalyan Yojana, 2016, you can pay tax on your disclosed income by following the steps below:
- Declare income such as deposits and cash: under government PMGKY, 2016, you are expected to report your unaccounted deposits and cash.
- Pay tax and make the deposit: As recommended by the Income Tax Department, you are expected to pay tax at a 50 percent rate on reported income. Afterward, in Pradhan Mantri Garib Kalyan Yojana, 2016, you are expected to pay 25 percent of the total declared amount. The money therefore charged will be blocked for four years by the state, and will be charged to you without interest.
- Payment of income tax using Challan 287 and proof of payment: You are expected to pay tax using Challan 287 after completing the above steps and to receive a counterfoil in respect of the payment made. The counterfoil is seen as evidence of the payment you have made.
Protective measures while filing income tax challan
- For filing taxes by using Challan 287, the PAN number is compulsory. If you do not have a PAN number, apply for the Permanent Account Number (PAN)number and the application date of the quotation, and the number of the certificate.
- Make sure the bank counterfoil contains the following details:
- Seven Digit BSR code of the branch of the bank via which the payment was made
- Date of Challan’s deposit
- Serial Number of Challan
- CIN Number
Challan 286:
For making the payment of Undisclosed income under the Income Tax Declaration Scheme 2016
The Finance Act, 2016 consists of the requirement under the Government’s Income Tax Declaration Scheme 2016, to pay taxes on undisclosed income received during the previous year. Challan 286 may be used to pay income tax on certain income to the state. As specified by the Income Tax Department, income tax on such undisclosed income is payable at a Forty-five percent rate. This Income Tax Declaration Scheme 2016 is effective as of June 1st, 2016.
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