Excelsior Correspondent
JAMMU, Aug 16: The Income Tax Department organized an interactive programme on Income Declaration Scheme in the conference hall of the Amar Singh Club.
On the occasion, a skit on the scheme written and directed by Rajneesh Gupta, Inspector of the Department was also presented by the group of local young artists.
Principal Commissioner of Income Tax, J&K, Sangeeta Gupta along with S K Sharma and Hemant Gupta, Joint Commissioners of Income Tax, Jammu addressed the gathering and highlighted the salient features of the scheme.
A large number of audiences comprising of members from the Institute of Chartered Accountants, Jammu, Tax Advocates, representatives of Trade, Chamber, Bari Brahmana Industries Association, Jewellers Association and other prominent businessmen attended the seminar.
Sangeeta Gupta, while speaking on the occasion, emphasized the need to contribute to the nation building by coming forward to pay the due tax by all the eligible tax payees. She highlighted the benefits of the Income Declaration Scheme launched by the Income Tax Department.
It was informed that this scheme is applicable to any undisclosed income in the form of cash, assets or otherwise which also includes undisclosed stocks pertaining to financial year 2015-16 or earlier years. Under this scheme, declaration of undisclosed assets/incomes can be made on or before September 30, 2016 and the taxes on such undisclosed income are to be paid by November 30, 2016.
She also highlighted the benefits of the scheme which includes immunity from penalty and prosecution and no scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed.
It was reiterated that this will be a onetime opportunity to all those persons who have not declared their income correctly in the past and sleeping over the black money to come forward and declare such undisclosed income after which the Income Tax Department will be at liberty to deal with such tax defaulters as warranted under the Income Tax/Wealth Tax Act.
It was further informed that taking into consideration the practical difficulties of the stakeholders and on the demand from different sections of potential declarants, the Government of India has now revised the time schedule for making payments under the scheme. Now, the facility to deposit the entire tax of 45% in installments has been given.
As per new notification the declarant should pay a minimum amount of 25% of the total tax (tax, surcharge & penalty) by November 30, 2016, a further amount of 25% by March 31, 2017 and the balance amount to be paid on or before September 30, 2017.
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