JAMMU: Principal Commissioner of Income Tax, J&K Sangeeta Gupta and S.K. Sharma, Joint Commissioner of Income Tax, Jammu held a meeting with representatives of Jewellers Association and Chamber of Commerce in the Income Tax Office to apprise them with ongoing Income Declaration Scheme (IDS), 2016. Rakesh Gupta President, Deepak Aggarwal, Vice President and Rahul Mahajan, Secretary from Chamber of Commerce, Raman Suri, Chairman, Sarafa Association and Swarankar Sang Joint Action Committee, Parjan Kumar, President, Vijay Verma, Secretary Sarafa Association, Rakesh Gupta, CA, besides other Executive members of the Jewellers Association. In the meeting, Sangeeta Gupta informed that Income Declaration Scheme launched by the Income Tax Department which started from 1st June 2016 and will remain operational till 30 September 2016 is one time opportunity given to all persons to disclose their undisclosed income/assets.
The jewellers were apprised with the features of the Income Disclosure Scheme, 2016 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. Under this scheme declaration of undisclosed assets/incomes can be made on or before 30th September, 2016 and the taxes on such undisclosed income are to be paid by 30th November, 2016. Under this scheme tax, surcharge and penalty is payable at 45 per cent of the undisclosed income/assets declared. She also 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 defaulters as warranted under the Income Tax/Wealth Tax Act.
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 per cent in installments has been given. As per new notification the declarant should pay a minimum amount of 25 per cent of the total tax (tax, surcharge and penalty) by 30th November 2016, a further amount of 25 per cent by 31st March 2017 and the balance amount to be paid on or before 30th September 2017.
The representatives from Jewellers Association and Chamber of Commerce appreciated the initiative of the Department and raised a number of queries in the interactive session. In response to a query, it was 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). It was however assured that complete confidentiality of those declaring their undisclosed income shall be maintained.