Income declaration scheme

SHILLONG:  A meeting on the Income declaration Scheme,2016 was organized separately with the Shillong Chamber of Commerce and the Chartered Accountants/ Advocates/Income-tax Practitioner of  Shillong on Tuesday and Convened by the Principal Commissioner of Income-tax, Shillong at the Conference Hall, Aayakar Bhawan.
In a statement issued here they stated that the Income Declaration Scheme, 2016 incorporated as Chapter-IX of the Finance Act, 2016 provides a one time opportunity to persons who have not paid full taxes in earlier years to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of the undisclosed income declared.
The scheme shall remain in force for a period of four months from June 1, 2016 to  September 30, 2016 for filing of declarations and taxes; surcharge and penalty must be paid latest by November 30, 2016.
Declarations can be filed online or with the jurisdictional Pr.Commissioner/Commissioner of Income Tax. 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.