Excelsior Correspondent
JAMMU, June 30: Income Tax Officer (ITO), Katra, Dharmender Gupta today held a meeting with representatives of hoteliers and trade associations of Katra and explained them the benefits of Income Disclosure Scheme (IDS), 2016 of Chapter IX of the Finance Act, 2016.
The meeting was attended by Baldev Raj Sharma (Ex-MLA), Babu Ram Dubey, Sham Lal Kesar, Amit Rahi and other leading businessmen of Katra town.
Giving details about benefits of the Income Disclosure Scheme, Gupta stated that to enjoy peace of mind forever any person who has not declared income correctly in earlier years can avail this onetime scheme.
“The scheme provides last opportunity to persons who have not paid full taxes in the past to come forward and declare his undisclosed income and pay tax, surcharge and penalty totalling in all to 45 percent of such undisclosed income declared”, he informed.
“The scheme is applicable to any undisclosed income in the form of assets or otherwise pertaining to financial year 2015-16 or earlier years”, Gupta further said, adding under the 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. The declaration can be made online at the website www.incometax-india.gov.in or to the Principal Commissioner of Income, Jammu (J&K).
The ITO said, “There will be immunity from prosecution and no scrutiny or enquiry under Income Tax Act or Wealth Tax Act shall be made in respect of such declarations. Declaration made under the scheme will not affect finality of completed assessments. Assets declared under the scheme are exempt from Wealth Tax Act”.
“There will be immunity from Benami Transactions (Prohibition) Act subject to that benamidar transfers such property to declarant before September 30, 2017”, Gupta said, adding the beauty of the scheme is that there will be no enquiry of the declaration made and such declaration will remain confidential under Section 138 of the Income Tax Act.
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