Excelsior Correspondent
KATRA, July 14: Income Tax Officer, Katra, Dharmender Gupta today held meeting with representatives of Jewelers Association here to apprise them about ongoing Income Declaration Scheme (IDS).
The meeting was attended by Sudershan Kohli (President), Narender Heera, Sunil Kohli and Ashok Heera besides other members of the Jewelers Association.
Dharmender Gupta informed that Income Declaration Scheme launched by the Income Tax Department will remain operational till September 30, 2016 and is one time opportunity given to all persons to disclose their undisclosed income/assets.
The jewelers were apprised with the features of the Income Declaration Scheme and it was informed that this scheme is applicable to any undisclosed income in the form of assets or otherwise which also includes undisclosed stocks pertaining to financial year 2015-16 or earlier years.
The ITO 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.
It was reiterated that this will be a onetime opportunity to all those persons who have not declared their income correctly in the past and sleeping over the black money to come forward and declare such undisclosed income after which the Income Tax Department will be at liberty to deal with such tax defaulter as warranted under the Income Tax/Wealth Tax Act.
In response to a query, the ITO clarified that declaration under this scheme can be made online at the website www.incometaxindia.gov.in or to the Principal Commissioner of Income, J&K.
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