Excelsior Correspondent
JAMMU, July 20: Principal Commissioner of Income Tax, J&K Sangeeta Gupta along with S K Sharma, Joint Commissioner of Income Tax, Jammu held meeting with representatives of Jewellers Association and Chamber of Commerce to apprise them about the ongoing Income Declaration Scheme.
The meeting was attended by Rakesh Gupta, President, Deepak Aggarwal, Vice President and Rahul Mahajan, Secretary from Chamber & Commerce, Raman Suri, Chairman, Sarafa Association and Swarankar Sang Joint Action Committee, Parjan Kumar, President, Vijay Verma, Secretary Sarafa Association, Rakesh Gupta, CA, besides other executive members of the Jewellers Association.
Addressing the meeting, Sangeeta Gupta informed that Income Declaration Scheme launched by the Income Tax Department, which will remain operational till September 30, 2016, is one time opportunity given to all persons to disclose their undisclosed income/assets.
The jewellers were apprised about the features of the Income Declaration Scheme and told that this scheme is applicable to any undisclosed income in the form of assets or otherwise which also includes undisclosed stocks pertaining to financial year 2015-16 or earlier years.
She also highlighted the benefits of the scheme which includes immunity from penalty and prosecution and scrutiny/enquiry under Income Tax Act and Wealth Tax Act for the income so disclosed.
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”, Sangeeta Gupta said, adding “as per new notification the declarant should pay a minimum amount of 25% of the total tax (tax, surcharge & penalty) by 30th November 2016, a further amount of 25% by 31st March 2017 and the balance amount to be paid on or before 30th September 2017”.
The representatives from Jewellers Association and Chamber & Commerce appreciated the initiative of the department and raised a number of queries in the interactive session. In response to a query, Sangeeta Gupta clarified that declaration under this scheme can be made online at the website www.incometaxindia.gov.in or to Principal Commissioner of Income Tax, Jammu (J&K). She assured complete confidentiality of those declaring their undisclosed income.
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