*High-value transactions, non-PAN data under close scrutiny
Mohinder Verma
JAMMU, Aug 29: Jammu and Kashmir Circle of Income Tax Department is leading North West Region in disclosure of black-money under Income Declaration Scheme of Narendra Modi Government and final figures are expected to touch Rs 100 crore by September 30, 2016 when the Scheme will come to an end.
The Income Declaration Scheme is contained in the Finance Act, 2016 which received the assent of the President of India on May 14, 2016. The scheme provides an opportunity to the persons, who have not paid full taxes in the past, to come forward and declare the undisclosed income by paying tax, surcharge and penalty totaling in all to 45% of such undisclosed income.
The scheme is considered as golden opportunity for the holders of black-money as by disclosing undisclosed income that can avoid stringent action on the part of Income Tax Department which includes penalty of 200% for under-reporting or misreporting.
Reliable sources told EXCELSIOR that due to various initiatives taken by the Income Tax Department, J&K circle on the instructions of Principal Commissioner, Sangeeta Gupta, large number of black-money holders have availed the benefit of the Income Declaration Scheme till date and the department is expecting many more persons to come forward in the coming days as people are being constantly educated by the taxmen about the objectives and benefits of this golden opportunity provided by the Union Government.
“As on date, J&K circle of the Income Tax is ahead of all other circles in the North West Region comprising States of Himachal Pradesh, Punjab and Haryana”, sources said while disclosing that department is expecting to touch Rs 100 crore mark by September 30 when the scheme will come to an end.
They further disclosed that despite unfavourable conditions, large number of people from Kashmir valley have also come forward to avail the benefit of the Income Declaration Scheme as they are aware of the fact that after September 30, the department will leave no stone unturned to unearth the black money and in such a situation the holders of undisclosed income will have to face serious consequences.
Stating that response from the Kashmir valley would have been much more had there been normalcy, sources said, “the department is expecting disclosure of undisclosed income by more people from Kashmir as one month is still left for the closure of the scheme”, adding “as far as Jammu region is concerned, response has also been received from small towns like Samba, Kathua, Katra and Udhampur”.
Ruling out extension in the time-frame of the scheme as is being presumed by the people, sources said, “because of some rumours several potential black-money holders have yet not come forward but the department is educating them that such a golden opportunity will not knock at their doors in future and they must disclose undisclosed income without wasting further time”.
They informed that department is also going to open its office in Rajouri so as to focus on twin border districts of Rajouri and Poonch as there are inputs about several businessmen possessing huge undisclosed income. Moreover, the office at Rajouri would ensure better monitoring of the cases and help in providing services to the assessees at their door steps.
According to the sources, majority of the black-money in Jammu and Kashmir has been invested in real-estate business and in purchase of gold and this has also come to the fore during the disclosures made under the Income Declaration Scheme. “Besides businessmen even the professionals like engineers and doctors have concealed their income but they too are on the radar of the Income Depart-ment and non-compliance to the scheme would land them in trouble after September 30”, they added.
They further informed that Income Tax Department is in constant touch with all the banks operating in Jammu and Kashmir and regularly getting information about high-value transactions besides closely scrutinizing non-PAN data (where with malafide intention people are not quoting PAN during transactions).
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