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| IT deptt holds Jewellers Association meeting | | |  Early Times Report
Jammu, July 14: Income Tax Department today held a meeting in which they apprised the representatives of Jewellers Association about the ongoing Income Declaration Scheme 2016.
According to press release, Income Tax Officer, Katra Dharmender Gupta informed that Income Declaration Scheme launched by the Income Tax Department which started from 01 June 2016 and will remain operational till 30 September 2016 is one time opportunity given to all persons to disclose their undisclosed income/assets.
The Jewellers were apprised with the features of the Income Disclosure Scheme, 2016 and it was informed that this scheme is applicable to any undisclosed income in the form of assets or otherwise which also includes undisclosed stocks pertaining to financial year 2015-16 or earlier years.
Under this scheme declaration of undisclosed assets/incomes can be made on or before September 30, 2016 and the taxes on such undisclosed income are to be paid by November 30, 2016. Under this scheme tax, surcharge and penalty is payable at 45% of the undisclosed income/assets declared.
Dharmender also highlighted the benefits of the scheme which 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.
Jewellers Association president, Sudershan Kohli, Narender Heera, Sunil Kohli, Ashok Heera besides |
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