A Simple Guide To Declaring Your Black Money

The Income Tax department has put out a manual to help people declare their black income under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

The manual details how to declare the unaccounted income by filling up Form 1. There are two forms in total. Form 1 is a declaration of amount held in cash or deposit in an account maintained with a bank, post office and so on. Form 2, on the other hand, is an acknowledgement given to the declarant by the jurisdictional Principal Commissioner or Commissioner.

The pre-requisites for filling up Form 1 are:

- Valid PAN, and the user should have registered in the e-filing portal

- Filing can be done using either a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC). In case of the DSC facility, a valid DSC should be registered on the portal. For filing through EVC, specific options are provided.

- Scanned copies of proof of payment of total taxes and proof of deposit in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

For detailed steps on filling up Form 1, read the manual here.

Also Read: All You Need To Know About The New Taxation And Investment Regime For PMGKY