 Early Times Report
Samba, July 1: Income Tax Officer, B K Raina disseminated awareness among the taxpayers about new scheme, "Income declaration scheme, 2016' recently introduced by Ministry of Finance.
According to press release, on this occasion, a meeting was held at Samba in which reputed businessmen of different trade and industries including Jugal Mahajan, Tejinder Singh, Devi Dass Gupta, Inder Singh, Sanjay Gupta, Yash Pal Choudhary were participated.
During the course of deliberations, these prominent citizens were apprised about the New Scheme introduced by the Ministry of Finance namely "Income Declaration Scheme, 2016". The salient features of the scheme were explained to them. It was brought to their knowledge that the scheme applies to undisclosed income/ wealth relating to all assessment years prior to assessment year 2017-18.
Any person can make only one declaration in respect of such income/ wealth, either on his own behalf or on behalf of another person. If, a person has made the declaration on behalf of another person, that person cannot file another declaration on his own behalf. The scheme has already commenced on 01.06.2016 and will end on 30.09.2016.
The tax on the declared income will be 30% with a surcharge of 25% of the tax, called Krishi Kalyan Cess in addition; there shall be a penalty of 25% of the tax. Thus, in all, 45% of the declared income will have to be paid within the prescribed time limit. The declarant shall file the proof of payment of tax, surcharge and penalty, in respect of the declaration on or before the30.11.2016 with the Principal Commissioner of Income tax, Jammu. |
