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

Maharashtra cities dominate Smart Cities Mission #Streets4People Challenge

In a competition organised by the Ministry of Housing and Urban Affairs (MoHUA), Pune, Pimpri-Chinchwad, Nagpur and Aurangabad from Maharashtra are among the 11 cities selected for scaling up their pilot projects and creating permanent public infrastructure. #Streets4People Challenge was org

CNC, Admiral R Hari Kumar condoles deaths of three navy personnel

The three Navy personnel who succumbed to injuries caused by an explosion on board Indian Navy`s destroyer ship INS Ranvir have been identified as Krishan Kumar MCPO (master petty chief officer)I, Surinder Kumar MCPO II & AK Singh MCPO II. In a condolence message, Admiral R Hari Kumar s

Two Indias: One for the billionaires, one struggling for minimum wages

Oxfam India has this week released ‘India Supplement 2022’ with deserving caption ‘inequality kills’. The supplement discusses India’s governance structures that promote the accumulation of wealth by a few, while failing to provide safety netsto the rest of the population. The

Aditya Thackeray launches 2 Oxygen cylinder recharge points

After the oxygen crisis faced during the second wave of Covid-19, the BrihanMumbai municipal corporation (BMC) has now set up its own medical oxygen cylinder recharge projects.   On Tuesday, guardian minister Aditya Thackeray launched two of the BMC’s new medical oxygen cylinders r

How inequality keeps rising amid pandemic – and is killing people

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion (at a rate of $15,000 per second or $1.3 billion a day) during the first two years of a pandemic while the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. A new

Vistadome coaches on Central Railways a hit with passengers

The Vistadome coaches on Central Railways have received an overwhelming response from passengers. Not only have they boosted tourism and registered an occupancy of 20,407 passengers but also clocked revenue of Rs.2.38 crore between October and December 2021.   The CSMT-Madgaon-CSMT Jansh

Visionary Talk: Farmer`s Agitation, Rakesh Tikait with Kailashnath Adhikari


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter