STATE TIMES NEWS
KATHUA: Hemant Gupta, Joint Commissioner of Income Tax, Range-1, Jammu along with Lokesh Soni, Income Tax Officer, Kathua addressed the top tax payers of Kathua District during a public meet on Income Declaration Scheme held in Hotel Hallmark, Kathua.
While welcoming Gupta, Ashwani Khajuria, Senior Counsel presented a bouquet to the Guest. Darshan Singh Sambyal presented a bouquet to Lokesh Soni.
Hemant Gupta described that in this scheme one can declare its unaccounted assets/income or Benami properties and get the benefits under this scheme. As 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 and the valuation of the assets shall be calculated as on 1st June 2016 on fair market value as assessed by the approved valuers of the department.
He further stated the salient feature of this scheme under which tax, surcharge and penalty is payable at 45 per cent of the income declare as well as the person will get the immunity from the scrutiny and other proceeding.
The declaration period is between 1st June, 2016 up to 30th September, 2016 and the same may be done before the Principal Commissioner of Income Tax, J and K, Jammu as well as it may be done through online.
Gupta also described the repercussions of not declaring the unaccounted income/cash/assets under this scheme.
The income tax charged on the declared amount shall be deposited in three installments by 30th Sep 2017 and the whole process is fully confidential and not to be share with any department.
The meeting was also attended by Ajay Gupta, CA, Ajay Sharma, CA, Anuj Mahajan, CA and other executive members of the association.