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IT officials interacts with BBIA members 7/20/2016 11:09:11 PM Early Times Report Jammu, July 20: Income Tax officials led by BK Raina today interact with members of Bari Brahmana Industries Association here at Bari Brahmana. While welcoming Raina, Lalit Mahajan, President of the Association presented a Bouquet to the Guest. Raina described that in this scheme one can declare its unaccounted assets/income or benami properties and get the benefits under this scheme. As this is one time opportunity to all the persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income and the valuation of the Assets shall be calculated as on 1-6-2016 on fair market value as assessed by the approved value of the Department. He further stated the silent feature of this scheme under which Tax, surcharge and penalty is payable at 45 percent of the income declare as well as the person will get the immunity from the scrutiny and other proceeding. The declaration period is between 1-06-2016 up to 30-09-2016 and the same may be done before the Principal Commissioner, Income Tax, J&K Jammu as well as it may be done through online. The income tax charged on the declared amount shall be deposited in 3 installments by 30-09-2017and the whole process is fully confidential and not to be share with any department.   Share This News with Your Friends on Social Network     Comment on this Story

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