Excelsior Correspondent
UDHAMPUR, Aug 1: M L Dogra, Income Tax Officer Udhampur today organized a meeting with the prominent businessmen and apprised them about the Income Declaration Scheme (IDS).
The ITO informed them that scheme is operational till September 30, 2016 and it gives a chance to the business community to disclose undisclosed income and assets pertaining to Financial Year 2015-16 or earlier years. He said that by paying only 45% of tax, surcharge and penalty on the income so disclosed they can avoid paying more taxes, facing prosecution and scrutiny/enquiry under Income Tax Act and Wealth Tax Act.
In response to a query, ITO clarified that declaration under this scheme can be made online at the website www.incometaxindia.gov.in or to Sangeeta Gupta, Principal Commissioner of Income Tax, Jammu (J&K). He assured complete confidentiality of those declaring their undisclosed income.
Prominent among those who attended the meeting included industrialist Sunil Verma and Rakesh Khajuria.
Later, ITO interacted with the accountants of Udhampur and besides familiarizing them with the Income Declaration Scheme (IDS) 2016, sought their cooperation to meet out the targets fixed by the higher authorities to bring potential declarants under the banner of this scheme.
It was further conveyed that the Government of India has extended time line to deposit the entire tax of 45% in three installments on or before September 30, 2017 for the convenience of the business community.
Follow our WhatsApp channel