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declaration under pmgky
a person declared 15 cr under pmgky. and also showed cash credit of rs. 15 cr. in his capital account while filing itr for AY 2017-18. will this 15 cr be included in his total income of AY 2017-18. And will he get the credit for the payment of tax of rs. around 7.5 cr under pmgky.
Replies (3)
As such he should, provided tax is reduced to that amount.
but as per PMGKY guidelines income declared under PMGKY can not be added in the total income of any AY under the income tax act.
Yes, it is not to be added to total income; hence it may be directly added to capital account.
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