Supreme Court: Issues of Party Capacity and Maintainability Must Be Decided by Arbitral Tribunal  ||  Supreme Court: Omissions in Chief Examination Can Be Rectified During Cross-Examination  ||  Supreme Court: Items Given by Accused to Police Are Not Section 27 Recoveries under Evidence Act  ||  Gujarat High Court: Waqf Institutions Must Pay Court Fees When Filing Disputes in State Tribunal  ||  Allahabad High Court: Law Treats All Equally, State Cannot Gain Undue Benefit from Delay Condonation  ||  SC: SARFAESI Act Was Not Applicable in Nagaland Before its 2021 Adoption, Dismisses Creditor’s Plea  ||  SC: Lis Pendens Applies To Money Suits on Mortgaged Property, Including Ex Parte Proceedings  ||  Kerala HC: Civil Courts Cannot Grant Injunctions in NCLT Matters and Such Orders Can Be Set Aside  ||  Bombay High Court: Technical Breaks to Temporary Employees Cannot Deny Maternity Leave Benefits  ||  NCLAT: Appellate Jurisdiction Limited to Orders Deciding Parties’ Rights, Not Procedural Directions    

Clarifications on the Income Declaration Scheme, 2016- (Ministry of Finance ) (14 Jul 2016)

MANU/DTCR/0029/2016

Direct Taxation

The Central Board of Direct Taxes released additional clarifications on the Income Declaration Scheme 2016.

In answers to ten additional queries, the Board clarified that declarations under the Scheme can be revised before its closing date; declarants will not be selected for scrutiny under CASS only on increase in capital in the balance sheet as a result of the declaration, and; immunity form prosecution in respect of declarations by the company or firm will extend to directors and partners.

The Scheme, effective 1 June 2016, is an attempt to bring into formal fiscal circulation previously undeclared income. Declarations made under the Scheme will be taxed at a flat 45 per cent and will provide the declarant certain immunities against fines and prosecution.

Tags : INCOME DECLARATION SCHEME   REVISION   DIRECTORS   PARTNERS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved