 Early Times Report
Samba, Aug 8: A meeting was held by BK Raina, Income Tax Officer with the professional of district Samba today in his office chamber at Samba. The meeting was attended by Ajay Gupta, CA Uday Pal Singh CA, Mithun Sharma CA, Sumit Gupta Adv. and Smt. Kavita Sharma CA of district Samba.
During the course of meeting benefits of Income tax declaration Scheme, 2016 were discussed. The scheme is in force from 1st day of June, 2016 till 30th of September, 2016. It was explained to them that as per the Scheme, where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on Ist June, 2016 computed in accordance with Rule 3 of the Income Declaration Scheme Rules, 2016 shall be deemed to be the undisclosed income. The tax on such undisclosed income is payable @ 30% and in addition, surcharge (Krishi Kalyan Cess) @25% and penalty @ 25% of the tax totaling to 45% of the Income declared. The tax on income so declared may be deposited in three installments of 25%, 25% and 50% by 30.09.2017. |
