Friday, 31 March 2017

From Jio to Black money..This is what ends today

Few decisions and services which meant a lot to the people will come to an end today. But there is a whole new lot for the upcoming year too! These are the major things which end today-Submit your Black Money

In December 2016, Prime Minister Narendra Modi launched Pradhan Mantri Garib Kalyan Yojna (PMGKY) that will use deposited black money for the welfare of the poor in the country. At midnight today the PMGKY will end, and with it the chance to come clean.

Many Income Tax offices will remain open till midnight today to enable people disclose their undisclosed income. The unaccounted cash can be converted into white by paying 50% tax and penalty. Declarations under new black money disclosure scheme will be kept confidential.
What is PMGKY ?

- If you deposit Rs 1 lakh of undisclosed income, it will be taxed at 30%, that is 30% of Rs 1 lakh = Rs 30,000

- You will have to pay penalty of 10% on undisclosed income, that is 10% of Rs 1 lakh = Rs 10,000
- You will have to pay Garib Kalyan Cess of 33% on tax, that is 33% of Rs 33,000 = Rs 10,000
- You will have to deposit 25% of undisclosed income with Govt, that is 25% of Rs 1 lakh = Rs 25,000

- You will not get any interest on this 25% deposit in Garib Kalyan Kosh
and it will be with Govt for 4 years

- You get 25% cash for immediate use, that is, 25% of Rs 1 lakh = Rs 25,000

Effectively, by paying 50% tax and penalty, the government will convert all your black money into white.

It's time for Jio Prime Membership

The day, which all Jio users were wishing doesn’t arrive, has arrived. Today is the last day for free Jio services. From April 1, Jio will be a paid service. But the good news is that you can still continue your Jio Happy New Year offer at just Rs 10 per day. So hurry, and become a Jio Prime member and continue to enjoy free (well almost free) for 1 more year,today is your last chance.

For becoming Jio Prime member you just have to pay a one-time fee of just Rs 99 for an entire year. And then, with Rs 303 per month you can continue to claim the benefits of ‘Happy New Year’ for one full year.

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