Excelsior Correspondent
UDHAMPUR, Aug 3: Income Tax Department today organized a seminar on Income Declaration Scheme here.
Sanjay Kumar, Income Tax Officer (Exemption), Jammu along with M L Dogra, Income Tax Officer, Udhampur addressed the representatives of educational and charitable institutions.
Prominent among those who attended the meeting included Ajay Gupta, President, Udhampur Private Schools Association, Bishop Dr Santosh Thomas from Kashmir Evangelical Mission, Udhampur and Mineesh Gulati from Happy Model.
In his address, Sanjay Kumar, ITO (Exemption) advised these institutions to file their Income Tax returns regularly by declaring correct income. He explained that those institutions who have not disclosed correct income in the earlier years should come forward and disclose the undisclosed income and come clean by paying only 45% of tax, surcharge and penalty on the income so disclosed instead of paying more taxes and facing prosecution and scrutiny/enquiry under Income Tax Act and Wealth Tax Act.
Addressing the gathering, M L Dogra, ITO Udhampur informed that those institutions which are claiming Income Tax Exemption, should file declaration before the Commissioner of Income Tax (Exemption), 5th Floor, CR Building, Chandigarh and for others the designated authority is Principal Commissioner of Income Tax, J&K.
The gathering was apprised of fact that they must take benefit of this scheme as Department is in possession of large volume of information from various sources such as Registrars of Property, Banks, Financial Institutions, stock exchanges, tax deductors, etc. A stern action will be taken after the closure of this scheme.
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