Excelsior Correspondent
SAMBA, July 12: In order to clear the public perception about Income Declaration Scheme, an interaction session was organized by B K Raina, Income Tax Officer Samba here today.
The session was attended by Baldev, Shiv Sethi, Som Dutt Verma and Sanjay Kumar, Presidents of Jewelers Associ-ations of Bari Brahmana, Samba, Vijaypur and Gagwal along with large members associated with them.
During the course of meeting, the members raised certain points regarding the valuation of the assets/ stock and the process of its valuation. 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 June 1, 2016 computed in accordance with Rule 3 of the Income Declaration Scheme Rules, 2016 will be deemed to be the undisclosed income. The tax on such undisclosed income is payable at the rate of 30% and in addition, surcharge (Krishi Kalyan Cess) at the rate of 25% and penalty at the rate of 25% of the tax totaling to 45% of the Income declared.
It was also clarified that misrepresentation or suppression of facts and non-payment of tax, surcharge and penalty by 30.11.2016 will entail the declaration void. It was also made clear that undisclosed income relating to any year up to financial year 2015-16, which is not disclosed under the scheme will be deemed to have accrued and/ or asset acquired from such income shall be deemed to have acquired in the year in which notice under Sections 142/ 143/ 148 is issued and all the consequences under IT Act will follow accordingly.
The representatives of the Jewelers Associations were also apprised that where notice has been issued under Section 142(1)/ 143(2)/ 148/ 153A/153C of the Income tax Act, search/ survey conducted, notice yet to be issued, but time for issue of notice has not expired, income chargeable to tax under the Black Money Act, 2015, persons notified under Special Courts Act, 1922, in relation to prosecution for any offence under NDPS Act, certain offences under IPC, the Prevention of Corruption Act, 1998, Unlawful Activities Act or persons detailed under COFEPOSA Act, 1974, no declaration can be made.
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