*New Voluntary Disclosure Scheme (VDS) for unacounted money Pradhan Mantri Garib Kalyan Yojana, 2016 announced*
Brief description (PMGKY) is as under:
• Tax @ 30 % of Income disclosed under this schme .
• 10% penalty of Amount declared.
• Surcharge @ 33% of Tax due means (33% X 30%)10%
• Further 25% of undisclosed Income shall have to be deposited under Pradhan Mantri Garib Kalyan Deposit scheme for 4 years without Interest.
• So total 50% is payable.
http://www.simpletaxindia.net/2016/11/new-vds-for-unacounted-money-pradhan.html
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