The Income Declaration Scheme 2016 will offer 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 Ashish Verma, Principal Commissioner of Income Tax, while addressing a press conference here on Monday.
There will be no enquiry, scrutiny and prosecution in the future against declarants with respect to income declared under the Scheme, he added. Verma also added a note of caution that the persons possessing undeclared assets or undisclosed incomes, and not availing the scheme within September 30 this year, will face the full flare of the new law which is much harsh.
The Government of India has been attaching great importance to the Income Declaration Scheme 2016, as was made clearly in the speech of Prime Minister Narendra Modi recently in his monthly ‘Mann ki Baat’ address, and the statements made by Union Finance Minister Arun Jaitley.
Other senior officials at the press conference like Priyabrata Pramanik, Addl. Director of Income Tax, and 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 submitted in printed forms to jurisdictional Principal Commissioners or Commissioners of Income Tax.
AA. Shankar, Principal Commissioner of Income Tax, said that while declarations could be made till
September 30, tax payments could be made by November 30 this year.