Excelsior Correspondent
UDHAMPUR, July 15: Dharamender Gupta, Income Tax Officer (ITO), Udhampur today organized a meeting with the representatives of Jewellers Association of District Udhampur to apprise them of the ongoing Income Declaration Scheme (IDS).
The meeting was attended by jewellers from Udhampur, Rehmbal, Chenani, Ramnagar, Manwal and Nagrota. Prominent among those who attended the meet were Joginder Verma, (president, district Udhampur) Verinder Verma (vice president, Udhampur), Ashwani Kumar (president, Garhi) and Mohan Lal Verma (president, Manwal).
ITO Udhampur informed jewellers that IDS which will remain operational till September 30, 2016 gives a chance to the holders of undisclosed income/assets pertaining to financial year 2015-16 or earlier years to come clean by paying 45% of tax, surcharge and penalty on the income, so disclosed.
Highlighting the benefit of the scheme, Dharamender Gupta stated that it included immunity from penalty and prosecution and no scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed.
It was further informed that taking into consideration the practical difficulties of the stakeholders and on the demand from different sections of potential declarants, the Government of India has now revised the time schedule for making payments under the Scheme. Now the facility to deposit the entire tax of 45% in installments has been given.
He said that as per new notification the declarant should pay a minimum amount of 25% of the total tax (tax, surcharge and penalty) by November 30, 2016, a further amount of 25% by March 31, 2017 and the balance amount to be paid on or before September 30, 2017.
The representatives of jewellers raised a number of queries in the interactive session. In response to a query, Gupta clarified that declaration under this scheme can be made online at the website www.incometaxindia.gov.in or to Principal Commissioner of Income Tax, Jammu (J&K) and assured complete confidentiality of those declaring their undisclosed income.
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