STATE TIMES NEWS
KATRA: Income Tax Department appealed for availing the benefit of ongoing Income Declaration Scheme (IDS)-2016 during a meeting with prominent citizens and leading tax payers representing, hoteliers, dry fruit merchants, jewellers, etc of District Reasi held here at Katra on Friday.
The meeting was held under the guidance of Principal Commissioner of Income Tax, J&K Jammu Sangeeta Gupta. Joint Commissioner of Income Tax Range-2 Jammu S.K Sharma along with Income Tax Officer Katra, Dharmender Gupta convened the meeting.
Briefing about salient features of IDS which is going to end on 30th September, Dharmender Gupta said that the scheme gives a chance to the holders of undisclosed income/assets pertaining to Financial Year 2015-16 or earlier years to come clean by paying 45 per cent of tax, surcharge and penalty on the income disclosed. Highlighting the benefits of the scheme, he divulged that it includes immunity from penalty and prosecution and no scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed shall be made.
S.K Sharma appealed to citizens to come clean as this is one time scheme and such offer is not likely to be extended in future by the Government of India. “The Government after taking into consideration the reasonable and practical difficulties of stakeholders and different sections of potential declarants has revised the time schedule for making payments under the Scheme”, he said adding that new notification gives opportunity to the declarant for paying 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 Joint Commissioner of Income Tax, Range-2, Jammu clarified and assured complete confidentiality of those declaring their undisclosed income and reaffirmed that no enquiry about the source of such undisclosed will be asked. “No information of disclosures shall be shared with any other law enforcement agency and this guarantee has duly been conferred under Section 138 of the Income Tax Act”, he added. He said 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).
He made it clear that Income Tax Department is already having huge data relating to undisclosed assets/wealth possessed by the people and department will take all necessary steps to deal with such tax defaulters as warranted under the Income Tax/Wealth Tax Act
Sham Lal Kesar, Rakesh Wazir, Babu Ram Dubey, Shiv Sharma, Ambrish Magotra, Ajay Kotwal, Amit Rahi, besides other prominent businessmen and professionals from district Reasi. Members of Karyana, Fruit merchants and other trade Associations from different stations also attended the meeting.
