Excelsior Correspondent
KATRA, Aug 19: Joint Commissioner of Income Tax Range-2 Jammu, S K Sharma along with Income Tax Officer Katra, Dharmender Gupta today organized a meeting with prominent citizens and leading tax payers representing, hoteliers, dry fruit merchants and jewellers of Reasi district.
The meeting, attended also by large number of tax professionals, was organized to apprise and appeal the citizens to take the benefits of the on-going Income Declaration Scheme.
The meeting was attended by 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.
In the meeting, S K Sharma, Joint Commissioner of Income Tax, Range-2, Jammu made an appeal 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. He appealed the people to come forward and improve their balance sheet thereby putting their undisclosed money in the mainstream of economy.
He further informed that Government of India is giving due care and taking all necessary steps to redress the genuine concerns of the stake holders. “The Government after taking into consideration the reasonable and practical difficulties of stake holders and different sections of potential declarants, has revised the time schedule for making payments under the scheme”, he added, adding “as per new notification the declarant should pay a minimum amount of 25% of the total tax (tax, surcharge & penalty) by 30th November 2016, a further amount of 25% by 31st March 2017 and the balance amount on or before 30th September 2017”.
Assuring complete confidentiality of those declaring their undisclosed income, the Joint Commissioner said that no information of disclosures will be shared with any other law enforcement agency, adding “the Income Tax Department is already having huge data relating to undisclosed assets/wealth possessed by the people and will take all necessary steps to deal with such tax defaulters as warranted under the Income Tax/Wealth Tax Act after the completion of term of this scheme”.
Earlier, ITO Dharmender Gupta informed the participants about the salient features of Income Disclosure Scheme, adding “this 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% of tax, surcharge and penalty on the income disclosed”.
Highlighting the benefits of the scheme, he said 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.
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