SHILLONG: A seminar on Income Tax declaration was held on Tuesday at Aayakar Bhawan attended by the Meghalaya Chamber of Commerce, chartered accountants and others.
During the meeting, the participants were informed of the Income Declaration Scheme (IDS) 2016 incorporated as Chapter-IX of the Finance Act, 2016 that 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 per cent of the undisclosed income declared.
The scheme shall remain in force 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.
The participants were told that under the scheme, such income as declared by the eligible persons would be taxed at a rate of 30 per cent plus a Krishi Kalyan Cess of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable, thereby totaling to 45 per cent of the income declared under the scheme.
Highlighting that complete secrecy will be maintained, officials of the Tax department stated that masses who has not complied to the norms should come forward to take advantage of the scheme.
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.
Declarations can be filed online or with the jurisdictional Pr. Commissioner/ Commissioner of Income Tax.
Further, the scheme shall apply to undisclosed income in the form of investment in assets or otherwise, pertaining to 2015-16 fiscal or earlier and no scrutiny and enquiry under the Income Tax Act or the Wealth Act shall be undertaken in respect of such declarations.
