JAMMU: Income Declaration Scheme, 2016 launched by the Income Tax Department is one time opportunity for all persons to disclose their undisclosed income/assets.
“A three-month Income Declaration Scheme, 2016 introduced by the Ministry of Finance, Government of India will close on 30th September and Government will take stern action on those having undisclosed money and assets,” said Rani Singh Nair, Member CBDT while speaking at a function held here on Saturday. She also highlighted the benefits of the scheme which includes immunity from penalty and prosecution and scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed.
She stated that 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 three installments has been extended”, Rani Singh Nair said, adding “as per new notification the declarant should pay a first installment of 25 per cent of the total tax by 30th November 2016, second installment of 25 per cent by 31st March 2017 and the balance amount to be paid before 30th September 2017.”
While speaking on the Benami Transactions (Prohibition) Amendment Bill, she emphasized that the said Bill is likely to be passed in the monsoon session of the Parliament
“Once the Bill is passed, Benami property seized by the authorities will be confiscated by the government, she said, adding that IDS gives an opportunity to declare Benami property by paying 45 per cent tax till 30th September.
“In the scheme, there is a provision that once you declare Benami property, you can get it on your name in one year. So legally, you can get it done on your name and lead peaceful life. We have provided immunity from all provisions of the IT Act and Benami Act,” she said.
This scheme has several benefits which will be available only till 30th September, she pointed out. In the last seven years, the Income Tax Department has changed the welfare of people of our country. She said upto 94 per cent of the income tax returns are filed through e-mails. For the last two years the department has launched many schemes related to the income tax in which more than one crore people filed income tax voluntarily due to which a total of Rs 11,600 crore was collected as income tax, she added.
“The Income Declaration Scheme-2016 – would not only help in nation building, but also facilitate people to be tax compliant by rectifying their mistakes, if any, in the past. The scheme would be open till September and the declarant shall remit the one-time penalty along with the tax component of 45 per cent. She appeals to the people to contribute to the nation’s exchequer thereby getting benefit of the scheme,” the CBDT member said.
Principal CIT, J&K, Sangeeta Gupta, in her address, stressed upon the people of Jammu region to grab the opportunity and declare their income wholehearted for the development of country. She sought mass participation of people in the Income Declaration Scheme 2016 to make it successful.
Later, Rani Singh Nair along with other dignitaries released 4th edition of Hindi Magazine of Income Tax Department ‘Aaykar Shikhar’.
State Rajbhasha In-charge, Rajni also spoke on the occasion.
The CBDT Member also replied to questions raised by the participants over various confusions prevailing on the scheme.
M.B Raizada, Income Tax Officer conducted the proceedings of the programme. S.K Sharma, Joint Commissioner Income Tax Department presented vote of thanks.
Prominent among those who were present include Principal Chief Commissioner of Income Tax, NWR Chandigarh; Ajay Singh, Chief Commissioner of Income Tax, Amritsar. Besides, members of various trader organisations, doctors, chartered accountants also participated in the programme.