news details |
|
|
| Commissioner of Income Tax informs on Income Declaration Scheme | | One time opportunity given to disclose undisclosed income/assets | | Early Times Report
Jammu, July 20: Commissioner of Income Tax, J&K Sangeeta Gupta, alongwith S.K. Sharma, Jt. Commissioner of Income Tax, Jammu held meeting with representatives of Jewellers Association and Chamber of Commerce in the Income tax office to apprise them with ongoing Income Declaration Scheme (IDS), 2016.
The meeting was attended by Rakesh Gupta, president Deepak Aggarwal , vice president and Rahul Mahajan, secretary from Chamber & Commerce,. Raman Suri , chairman, Sarafa Association & Swarankar Sang Jt. Action Committee, Parjan Kumar, President, Vijay Verma, Secretary Sarafa Association, Rakesh Gupta, CA, besides other executive members of the jewellers association.
In the meeting, Sangeeta Gupta informed that Income Declaration Scheme launched by the Income Tax Department which started from 1 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 30th Sep., 2016 and the taxes on such undisclosed income are to be paid by 30th Nov., 2016. Under this scheme tax, surcharge and penalty is payable at 45% of the undisclosed income/assets declared. She 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.
It was reiterated that this will be a onetime opportunity to all those persons who have not declared their income correctly in the past and sleeping over the black money to come forward and declare such undisclosed income after which the Income Tax Department will be at liberty to deal with such tax defaulter as warranted under the Income Tax/Wealth Tax Act.
It was further informed that taking into consideration the practical difficulties of the stakeholders and on the demand from different sections of potential declarants, the Govt. of India has now revised the time schedule for making payments under the Scheme. Now the facility to deposit the entire tax of 45% in installments 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.
The representatives from Jewellers association and Chamber & Commerce appreciated the initiative of the Department and raised a number of queries in the interactive session. In response to a query, Madam Gupta clarified that declaration under this scheme can be made online at the website www.incometaxindia.gov.in or to Principal Commissioner of Income Tax, Jammu (J&K) and assured complete confidentiality of those declaring their undisclosed income. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
