Hyderabad: Commissioner of Income Tax-1, Hyderabad Income Tax Department and Tax Bar Association of TS and AP jointly organized a seminar on “Income Declaration Scheme 2016” announced by the Union Government here in city on Monday.
The seminar was addressed by Sushil Khumar; Murali Krishna; S. Venkateshwarlu and B. Ramesh Kumar, president of Tax Bar Association of AP and TS. Amisha Gupta, Addl. Commissioner of Income Tax, Range-1, Hyd was also present. Speaking on the occasion, Sushil Khumar said it was the last opportunity for those who failed to declare their assets. “We have mechanism to trace the tax evaders. We want to give evaders a chance. It is great window of opportunity and we urge them to utilize the opportunity”. It was an awareness drive about Union Government’s one time opportunity to declare undisclosed income/assets. The public, who are willing to declare their undisclosed income – movable or immovable – may do so before the end of September. Online filing of the same is also available and accepted for declaration purpose, he added. They can declare the undeclared asset/s before September 30 by paying 25% and balance 25% by March 31, 2017 and the rest 50% by September 30, 2017. They can pay the tax in three installments. There will not be any enquiry. We grant them immunity. We will not prosecute such declarants”, he added.
Speaking on the occasion, Murali Krishna said presently there are 40,000 income tax employees and another 22,000 are going to be added by March 2017. Officials clarified that the declarants need not have any apprehensions about the voluntary disclosure. They underlined that it was a golden opportunity and urged people to utilize the opportunity. This scheme is effective between June to September 2016. The “Income Declaration Scheme-2016” – would not only help in nation building, but also facilitate people to be tax compliant by rectifying their mistakes, if any, in the past. The income declaration scheme would be open till September and the declarant shall remit the one-time penalty along with the tax component of 45 per cent. However, economic offender, smugglers and a small and a certain section of people specified are not eligible to use this opportunity, they informed.
Earlier once similar scheme was announced by the Department in 1997. Now after so many years, this opportunity is given once again. The department has urged people to utilize the same. (NSS)