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