Income Declaration Scheme 2016 offers one-time opportunity till September 30, 2016 to declare undisclosed income.

IMG_9741 copy__1467909045_203.171.247.95Kolkata :The Income Declaration Scheme 2016  offers a one-time opportunity to persons who have not paid full taxes in the past, to declare their undisclosed incomes and assets voluntarily and participate in nation building, said Shri Ashis Verma, Principal Commissioner of Income  Tax, while addressing a press conference here t.  There will be no enquiry, scrutiny and prosecution in future against declarants in respect of income declared under the Scheme, he added.

 He also added a note of caution that the persons possessing undeclared assets or undisclosed incomes, and  not availing of this Scheme within  30th September, 2016 will face the full blast of the new law which is much harsher .

The Government of India has been attaching great importance to the Income Declaration Scheme 2016, as has been borne out clearly in the speech of the Hon’ble Prime Minister recently in “Maan ki Baat,” and the statements made by the Hon’ble Union Finance Minister.

Other senior officials at the press conference Shri Priyabrata Pramanik, Addl. Director of Income Tax, and Shri Rakesh Goyal, spoke about the provisions relating to eligibility, nature of assets, periods of availability and the immunities available. Declarations could be filed online, or made in printed forms to jurisdictional Principal Commissioners or Commissioners of Income Tax. Shri A. A. Shankar, Principal Commissioner of Income Tax, said that while declarations could be made till September 30, 2016, tax payments could be made by November 30, 2016. Various Chambers of Commerce, professional Institutions and associations have been organising awareness programmes to explain and clarify the Scheme.The others who spoke on the occasion were Shri Narayan Jain, National Vice President, All India Federation of Tax Practitioners, and Shri Anirban Butta, Chairman – EIRC, ICAI