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Jan 19, 2017
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No TDS or advance tax credit for disclosure under PMGKY: Govt
The Central Board of Direct Taxes (CBDT) on Wednesday clarified that no credit will be allowed against advance tax paid or the tax deducted at source (TDS) or tax collected at source (TCS) in respect of the income declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY). This is in contrast to the earlier Income Declaration Scheme (IDS) under which these credits were allowed.About R65,250 crore was declared under IDS during the June-September period and 45% of this amount is expected to be collected by the government as taxes.
Source -
http://www.financialexpress.com
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