Excelsior Correspondent
JAMMU, July 20: Income Tax Officer, Samba B K Raina, along with his team visited BBIA Bhawan today and educated the members about new Income Declaration Scheme of the Government.
During the course of discussions with the BBIA members, Mr Raina described the launch of new Income Tax Declaration Scheme by Income Tax Department.
Lalit Mahajan, president of the Association earlier, felicitated the IT Officer and expressed his gratitude for his visit and educating the members of the BBIA on the subject.
Mr Raina described that in this scheme one can declare his/ her 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,” Raina added.
He further stated the silent feature of this scheme under which Tax, surcharge & penalty is payable at 45% of the income declare as well as the person will get the immunity from the scrutiny & other proceeding.
The declaration period is between 1-06-2016 up to 30-09-2016 & the same may be done before the Principal Commissioner, Income Tax, J&K Jammu as well as it may be done through online.
The income tax charged on the declared amount shall be deposited in 3 installments by September 30, 2017 and the whole process is fully confidential and not to be share with any department.
The meeting was also attended by Rahul Bansal, senior vice president, Varun Singla, vice president, Ajay Langer, general secretary, Viraaj Malhotra secretary and other executive members of the Association.
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