{"id":7141,"date":"2016-05-21T13:34:54","date_gmt":"2016-05-21T08:04:54","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=7141"},"modified":"2016-05-21T13:35:48","modified_gmt":"2016-05-21T08:05:48","slug":"imp-notifications-clarifications-on-the-income-declaration-scheme-2016","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/imp-notifications-clarifications-on-the-income-declaration-scheme-2016\/","title":{"rendered":"Imp Notifications & Clarifications On The Income Declaration Scheme, 2016"},"content":{"rendered":"

The Ministry of Finance has issued a Notification dated 19th May 2016 enacting “The Income Declaration Scheme Rules, 2016” which are to come into force on 1st June 2016. The Ministry of Finance has issued another notification dated 19th May 2016 specifying the relevant dates for making the declaration and making payment of the tax etc. The CBDT has issued Circular No. 16 dated 20.05.2015 setting out the “Explanatory Notes On provisions Of The Income Declaration Scheme, 2016 As Provided In Chapter IX Of The Finance Act 2016<\/em>“. The CBDT has also issued Circular No. 17 of 2016 by which it has provided “Clarifications on the Income Declaration Scheme, 2016”. <\/p>\n

Click here to download The Income Declaration Scheme Rules, 2016<\/a><\/div>\n
Click here to download the Notification of releavant dates<\/a><\/div>\n
Click here to download Circular No. 16 dated 20.05.2015 setting out the Explanatory Notes on the provisions of the Income Declaration Scheme, 2016<\/a><\/div>\n
Click here to download Circular No. 17 of 2016 setting out Clarifications on the Income Declaration Scheme, 2016<\/a><\/div>\n

<\/p>\n

PRESS RELEASE<\/p>\n

New Delhi, 14th May, 2016<\/p>\n

Subject: The Income Declaration Scheme 2016 to open from 1st June 2016.<\/p>\n

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to
\ncome forward and declare such undisclosed income(s).<\/p>\n

Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a \u2018Krishi Kalyan Cess\u2019 of 25% on the taxes payable and a penalty at the rate of 25% of
\nthe taxes payable, thereby totalling to 45% of the income declared under the scheme. The scheme shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.<\/p>\n

\u2022 The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.<\/p>\n

\u2022 Where the declaration is in the form of investment in assets, the Fair Market Value of such asset as on 1st June 2016 shall be deemed to be the undisclosed income under the Scheme. However, foreign assets or income to which the Black Money Act 2015 applies are not eligible for declaration under this scheme.<\/p>\n

\u2022 Assets specified in the declaration shall be exempt from Wealth tax.<\/p>\n

\u2022 No Scrutiny and enquiry under the Income-tax Act or the Wealth tax Act shall be undertaken in respect of such declarations.<\/p>\n

\u2022 Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules.<\/p>\n

\u2022 Non-payment of total taxes, surcharge & penalty in time or declaration by misrepresentation or suppression of facts shall render the declaration void.<\/p>\n

\u2022 The circumstances in which the Scheme shall not apply or where a person is held to be ineligible are specified in section 196 (Chapter IX) of the Finance Act, 2016.<\/p>\n

\u2022 Non declaration of undisclosed income under the Scheme, will render such undisclosed income liable to tax in the previous year in which it is detected by the Income tax Department. Other penal consequences will also follow accordingly.<\/p>\n

The full text of the Scheme is available on the departmental website www.incometaxindia.gov.in for viewing. The relevant rules and forms for the same are to be notified shortly.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Ministry of Finance has issued a Notification dated 19th May 2016 enacting “The Income Declaration Scheme Rules, 2016” which are to come into force on 1st June 2016. The Ministry of Finance has issued another notification dated 19th May 2016 specifying the relevant dates for making the declaration and making payment of the tax etc. The CBDT has issued Circular No. 16 dated 20.05.2015 setting out the “Explanatory Notes On provisions Of The Income Declaration Scheme, 2016 As Provided In Chapter IX Of The Finance Act 2016<\/em>“. The CBDT has also issued Circular No. 17 of 2016 by which it has provided “Clarifications on the Income Declaration Scheme, 2016”.<\/p>\n

Read more ›<\/a><\/div>\n

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