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Avail benefits of income declaration scheme: IT Deptt

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Income Tax OfficerSTATE TIMES NEWS
SAMBA: In continuation with the process of clearing the public perception and dispensing information regarding the benefits of Income Tax Declaration Scheme-2016 which is in force from Ist June to 30th September 2016, Income Tax Officer Samba B.K Raina held an interaction session with Presidents of Jewellers Associations of Bari Brahmana, Samba, Vijaypur and Gagwal viz Baldev, Shiv Sethi, Som Dutt Verma, Sanjay Kumar respectively along with other members associated with the business.
The representatives of Jewellers raised queries regarding the valuation of the assets, stock and the process of its valuation. To this, the IT Department officials explained that under the Scheme, when the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on Ist June, 2016 computed in accordance with Rule 3 of the Income Declaration Scheme Rules, 2016 shall be deemed to be the undisclosed income. “The tax on such undisclosed income is payable at the rate of 30 per cent and in addition, surcharge i.e Krishi Kalyan Cess at the rate of 25 per cent and penalty at the rate of 25 per cent of the tax totaling to 45 per cent of the income declared. The benefits of the scheme are that such income shall be exempted from wealth tax, scrutiny or enquiry under Income Tax Act and Wealth tax Act in respect of declaration”, they informed adding that immunity from penalty and prosecution under the IT Act and WT Act in respect of declaration and immunity from Benami Transactions (Prohibition) Act subject to transfer of assets by the Benamidar to the real owner within specified time. It was also clarified that misrepresentation or suppression of facts and non-payment of tax, surcharge and penalty by 30th November 2016 will entail the declaration void. It was also made clear to them that undisclosed income relating to any year upto financial year 2015-16 which is not disclosed under the scheme will be deemed to have accrued and/ or asset acquired from such income shall be deemed to have acquired in the year in which notice under Sections 142, 143 and 148 is issued and all the consequences under I.T Act will follow accordingly.
“In cases where notice has been issued under Sections 142(1), 143(2), 148, 153A and 153C of the Income Tax Act, search/ survey conducted, notice yet to be issued, but time for issue of notice has not expired, income chargeable to tax under the Black Money Act, 2015, persons notified under Special Courts Act, 1922, in relation to prosecution for any offence under NDPS Act, certain offences under IPC, the prevention of Corruption Act, 1998, Unlawful activities Act or persons detailed under COFEPOSA Act 1974, no declaration can be made”, the officials further divulged.
In this regard, Principal Commissioner of Income Tax, Jammu has been designated as Nodal Officer for filing the declaration.

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