Three eminent bodies of tax professionals have addressed a letter dated 30th July 2016 to Shri. Hasmukh Adhia, the Revenue Secretary of the Government of India, in which they have made representation with regard to several important aspects of the The Income Declaration Scheme 2016. Some of the issues relate to the eligibility of the applicants, the appointment of valuers, set-off of losses, period of holding of asset etc. It is pointed out that clarity on these issues is vital for the success of the Scheme. The professionals have requested the Hon’ble Revenue Secretary to issue an early clarification on all the issues raised in the representation.
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