SC Cancels Chhota Rajan's Bail in 2001 Jaya Shetty Murder Case  ||  NCLAT: Workmen Can Claim Dues Post-Layoff If They Worked After Corporate Debtor's Notice Issuance  ||  NCLAT: Debt Can be Proved Through Any Documentary Evidence, No Written Contract Needed.  ||  Madras HC: Railway Authorities Can't Deboard Valid-Ticket Passengers Heading to Protest  ||  Delhi HC: Women’s Entry into Army Corps Can’t be Restricted; Vacant Male Posts Must be Open to Women  ||  Delhi HC: Pressuring Husband to Cut Ties With His Family Amounts to Cruelty; Ground For Divorce  ||  Bombay HC: Magistrate Need Not Pass Preliminary Order U/S 145 CrOC If HC or SC Directs Inquiry  ||  Delhi HC Allows Woman to Terminate 22-Week Pregnancy from False Promise of Marriage  ||  Supreme Court: Reasons Omitted In an Order May be Considered In Specific Circumstances  ||  SC: Execution of Arbitral Award Cannot be Stalled Just Because Section 37 Appeal is Pending    

Clarifications on Income Declaration Scheme, 2016- (Ministry of Finance ) (27 Jun 2016)

MANU/DTCR/0026/2016

Direct Taxation

The Central Board of Direct Taxes issued further clarifications to the recently announced Income Tax Declaration Scheme, 2016.

Elaborations on the Scheme include: if part payment of tax or penalty made in respect of declaration, the whole of the declaration will be invalid under the Scheme; persons against whom searches were conducted cannot claim benefit of the Scheme till notice period under Section 153A of the Income Tax Act 1961 expires, and; a valuation report need not be attached at the time of declaration, however, the same may be required by the commissioner to ascertain the correctness of the valuation.

The Scheme, proposed for 2016-2017, provides an opportunity to those who have not paid full taxes in the past to declare undisclosed income.

Relevant : Clarifications on the Income Declaration Scheme, 2016 MANU/DTCR/0017/2016 New FAQs on IDS 2016 MANU/PIBU/0513/2016

Tags : INCOME TAX   BLACK MONEY   DECLARATION   CLARIFICATIONS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved