Excelsior Correspondent
JAMMU, July 23: Member of Central Board of Direct Taxes, Rani Singh Nair, today urged the people of Jammu and Kashmir to play role in nation building by disclosing undisclosed income under the Income Declaration Scheme launched by the Union Finance Ministry.
Addressing a gathering of prominent citizens, representatives of Chamber of Commerce and Industry, leading doctors, Chartered Accountants, Advocates and various trade and commerce organizations of Jammu province, Nair said that Government has come out with Income Declaration Scheme to give an opportunity to people to declare their undisclosed income and play role in the nation building.
She mentioned that the department’s sophisticated electronic surveillance tools garnered data with regard to financial transactions with a lot of data mining and profiling of the nature of these expenditures. “The Income Declaration Scheme is an opportunity for those with undisclosed income and investments to get immunity under the Income Tax and Wealth Tax Acts and avoid scrutiny and coercive action after expiry of term of this scheme—September 30, 2016”, the CBDT Member added.
Highlighting various components of the scheme, she said, “this initiative provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared”.
Speaking on the occasion, Rajinder Kumar, Principal Chief Commissioner of Income Tax, North West Region said, “there are wrong notions among the people about tax, surcharge and penalty totaling in all 45%”, adding “this is the most reasonable rate and the same has been fixed after due deliberations”.
He disclosed that tax rates in India are moderate as compared to other countries. “By disclosing undisclosed income under Income Declaration Scheme the people will not only play role in nation building but would also be able to invest the white amount in their businesses which ultimately would lead to more profits”, he added.
Principal Chief Commissioner of Income Tax, Amritsar Ajay Singh also spoke about the scheme and cleared the doubts of the gathering.
Principal Commissioner of Income Tax J&K, Sangeeta Gupta said that Income Tax Department has started receiving positive response to the Income Declaration Scheme from the people of J&K. “Although the prevailing situation in Kashmir valley is a matter of concern but we are hopeful that after restoration of normalcy the people of Kashmir valley would also come forward to avail the benefit of this scheme”, she added.
Highlighting the spirit of the scheme, she said, “the information contained in the declaration will not be shared with any other law enforcement agency and utmost confidentiality will be maintained”.
“This scheme applies to undisclosed income in the form of assets or otherwise pertaining to Financial Year 2015-16 or earlier years. The fair market value of the asset as on June 1, 2016 is deemed to be the undisclosed income under the Income Declaration Scheme”, Sangeeta Gupta added.
About the mode of making declaration, she said that declarations can be filed online or to jurisdictional Principal Commissioner of Income Tax.
Joint Commissioner of Income Tax, S K Sharma presented vote of thanks.
On the occasion, “Aaykar Shikhar”, a magazine of the Income Tax Department, J&K Circle was also released.
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