Excelsior Correspondent
UDHAMPUR, July 1: Aayakar Parivar, Udhampur organized a meeting with the members of Tax Bar Association, Udhampur to familiarize them with Income Declaration Scheme (IDS), 2016 formulated by Income Tax Department.
In the meeting, Dharmender Gupta, Income Tax Officer, Udhampur, informed the Bar members that the scheme to disclose the undisclosed income has been launched by the Income Tax Department and it will remain operational till September 30, 2016. This will be a one time opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income. The salient features of the scheme are; declaration of undisclosed income in the form of assets or otherwise pertaining to F.Y 2015-16 or earlier years, fair market value of the assets as on 01-06-2016 and tax, surcharge and penalty payable at 45 percent of the income declared under the scheme.
The Income Tax Officer also highlighted the benefits of the scheme which includes immunity from penalty and prosecution and no scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed. However, there was a word of caution, as already declared by the PM of India that this scheme may be treated as the last opportunity for those sleeping over the black money after which no such amnesty will be granted in future and the Income Tax Department will be at liberty to deal with such tax defaulter as warranted by Income Tax/ Wealth Tax Act.
The meeting ended with vote of thanks by Rajeev Gupta, president Tax Bar Association, Udhampur who assured that all efforts will be made to ensure that the targeted taxpayers are well-informed about the scheme and are adequately guided and facilitated for filling declaration so that they can avail maximum benefits under the scheme.
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