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| IT Deptt organizes meet at Katra, apprises benefits of IDS 2016 | | |  Early Times Report
Katra Aug 19: Under the able guidance of Principal Commissioner of Income Tax, J&K, Jammu Sangeeta Gupta, Joint Commissioner of Income Tax Range-2 Jammu S K Sharma alongwith Income Tax Officer Katra, Dharmender Gupta today organized a meeting at Katra with prominent citizens and leading tax payers representing hoteliers, dry fruit merchants, jewellers, etc of Distt. Reasi. The meeting was also attended by large number of tax professionals, Karyana and fruit merchants and other trade associations from different stations who were to apprised and appealed the citizens to take the benefits of the on-going Income Declaration Scheme (IDS), 2016.
Dharmender Gupta, ITO, Katra informed that just one month left as this scheme is going to end on 30th September 2016 which is quite attractive and beneficial. Briefing salient features of Income Disclosure Scheme Gupta stated that this scheme gives a chance to the holders of undisclosed income/assets pertaining to Financial Year 2015-16 or earlier years to come clean by paying 45% of tax, surcharge and penalty on the income disclosed. Highlighting the benefit of the scheme he stated that it includes immunity from penalty and prosecution and no scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed shall be made.
S K Sharma, Joint Commissioner of Income Tax, Range-2, Jammu made appeal to citizens to come clean as this is one time scheme and such offer is not likely to be extended in future by the Govt. of India. He informed that the Govt. after taking into consideration the reasonable and practical difficulties of stake holders and different sections of potential declarants, has revised the time schedule for making payments under the Scheme. The facility to deposit the entire tax of 45% in instalments has been given. As per new notification the declarant should pay a minimum amount of 25% of the total tax (tax, surcharge & penalty) by 30th Nov. 2016, a further amount of 25% by 31st Mar. 2017 and the balance amount to be paid on or before 30th Sep. 2017.He clarified and assured complete confidentiality of those declaring their undisclosed income and reaffirmed that no enquiry about the source of such undisclosed will be asked. No information of disclosures shall be shared with any other law enforcement agency and also shall not be shared within the income-tax department for investigation and this guarantee has duly been conferred under section 138 of the Income Tax Act. He educated and stated to distinguished audience that declaration under this scheme can be made online at the websitewww.incometaxindia.gov.in or to Principal Commissioner of Income Tax, Jammu (J&K). |
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