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.


 

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