Excelsior Correspondent
KATHUA, Aug 11: Hemant Gupta, Joint Commissioner of Income Tax Range-I Jammu along with Lokesh Soni, Income Tax Officer, Kathua today interacted with top tax payers of the district on Income Declaration Scheme.
Speaking on the occasion, Joint Commissioner of Income Tax said that under this scheme one can declare unaccounted assets/income or benami properties and get the benefits. “This is one time opportunity to all the persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income”, he added.
“The valuation of the assets will be calculated as on June 1, 2016 on fair market value as assessed by the approved valuers of the department”, Hemant Gupta said, adding under this scheme tax, surcharge and penalty is payable at 45% of the income declare as well as the person will get the immunity from the scrutiny and other proceedings.
He also informed about the repercussions of not declaring the unaccounted income, cash and assets under the scheme. “The tax charged on the declared amount shall be deposited in three instalments by September 30, 2017 and the whole process is fully confidential”, he added.
The meeting was also attended by CA Ajay Gupta, CA Ajay Sharma, CA Anuj Mahajan and other executive members of the CA Association.
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