Excelsior Correspondent
KATHUA, Aug 22: Lokesh Soni, Income Tax Officer, Kathua addressed a public meeting on Income Declaration Scheme held in Mid Way Restaurant, Dayala Chak. This Public Meet, which was attended by the local businessmen of Chadwal and Dayala Chak, was organized as per directions of Sangeeta Gupta, Principal Commissioner of Income Tax, J&K, and under the guidance of Sh. Hemant Gupta, Joint Commissioner of Income Tax, Range-1, Jammu.
Lokesh Soni described that in this scheme one can declare its unaccounted assets/income or benami properties and get the benefits under this scheme. As this is one time opportunity to all the persons who have not declared income correctly in earlier years to come forward & declare such undisclosed income and the valuation of the Assets shall be calculated as on 1-6-2016 on fair market value as assessed by the approved valuers of the Department.
He further stated the salient feature of this scheme under which Tax, surcharge & penalty is payable at 45 percent of the income declare as well as the person will get the immunity from the scrutiny & other proceeding.
The declaration period is between June 1, 2016 up to September 30, 2016 & the same may be done before the Principal Commissioner of Income Tax, J&K, Jammu as well as it may be done through online.
Lokesh Soni also described the repercussions of not declaring the unaccounted income/cash/assets under this scheme.
The income tax charged on the declared amount shall be deposited in 3 installments by September 30, 2017 & the whole process is fully confidential & not to be shared with any department.
The meeting was attended by Yashpal Bharti, President of local Vyapar Mandal, Sh. Hari Om, Raj Kumar, Shiv Kumar Gupta, Rajender Kumar, Rajesh Khajuria and other main businessmen of Chadwal and Dayala Chak.
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