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.