Amount payable under IT declaration scheme can be paid in instalments

The government has said that extension of IT declaration scheme is out of question. The scheme closes on September 30

GN Bureau | September 5, 2016


#income tax declaration   #benami   #black money  


The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The scheme has come into effect from June 1, 2016 and is open for declarations up to September 30, 2016.

The amount payable under the scheme can be paid in instalments – 25 percent of the total amount payable by November 30, 2016; another 25 percent by March 31, 2017 and balance 50 percent by September 30, 2017, a press release said.

An option has been provided to the declarants to file the declaration under the scheme electronically under digital signature with the Commissioner of Income-tax, Centralised Processing Centre, Bengaluru [CIT(CPC)]. In case the declarant exercises that option, the declaration shall not be shared with the jurisdictional Principal Commissioner/Commissioner under the Income-tax Act.

It is envisaged that no further clarifications on the scheme shall be issued, said the press note. “The extension of the scheme is out of question.”


The government has addressing the following major issues:
 

  • The information in respect of a valid declaration is confidential and shall neither be shared with any law enforcement agency nor shall be enquired into by the Income-tax Department.
     
  • The assets declared under the Scheme are to be valued at cost of acquisition or at fair market price as on 1.6.2016 as determined by the registered valuer, whichever is higher. However, an option for valuation of registered immovable property on the basis of stamp duty value of acquisition adjusted with the Cost Inflation Index has also been provided.
     
  • Credit for unclaimed TDS made on declared income shall be allowed.
     
  • Neither any capital gains tax nor any TDS shall be levied on transfer of declared benami property from benamidar to the declarant without consideration.
     
  • The amount of fictitious liabilities recorded in audited balance sheet and not linked to acquisition of an asset can be disclosed under the Scheme as such.
     
  • The period of holding of declared registered immovable assets shall be taken on the basis of the actual date of registration.
     
  • The valuation report obtained by the declarant from a registered valuer shall not be questioned by the department. However, valuer’s accountability will remain.
     
  • No adverse action shall be taken by FIU or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the scheme.
     
  • No enquiry/investigation shall be made in respect of the undisclosed income and assets declared under the scheme even if the evidence of same is found subsequently during course of search or survey proceedings.


 

Comments

 

Other News

Terrorising the terrorists

One year has passed since the Modi regime applied shock therapy to improve the functioning of the Indian economy through demonetisation on November 8, 2016. Thus, legal tender to rupee notes worth 1,000 and 500 denominations was withdrawn and 86 percent of the currency went out of circulation. It was claim

J&K to get additional electricity during winters

In a bid to meet the increase in electricity demand of Jammu & Kashmir during the winters, the centre has decided to allocate an additional 792 Megawatts to the state. The allocation of power to J&K from central generating stations (CGS) is 2,397 MW. The supply would be given by powe

IOCL, IDCO ink pact to set up plastic park at Paradip

Minister for petroleum and natural gas, skill development & entrepreneurship Dharmendra Pradhan has lauded the state run Indian Oil Corporation and IDCO (Industrial Development Corporation of Odisha) for signing a pact to establish a plastic park at Paradip in Odisha. Pradhan was speakin

RBI mulls whether to shift loan pricing system to external benchmark

An efficient monetary transmission is a sine qua non for the successful pursuit of its objectives by any central bank. Over the past two decades, it has been the endeavour of the Reserve Bank of India to strengthen the monetary transmission process, but these efforts have yet not yielded the desired result

Govt okays deputation of group A officers to TCIL

 The cabinet has approved the proposal for deputation of group A officers of department of telecommunications (DoT) and other ministries with telecommunication and information technology background to Telecommunications Consultants India Ltd. (TCIL). TCIL, a Miniratna PSU, is a premier telec

Indians want more military force in Kashmir: Pew

When it comes to dealing with the disputed border regions of Jammu and Kashmir, the Indian public favours an aggressive stance, said the Pew Research Center, a US based think-tank. A 63% majority believes the government should be using more military force. Few say India should use less force



Video

Gujrat election – 70 candidates in BJP’s first list

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter