Hyderabad: Dept. of Income Tax and Tax Bar Association jointly organized a seminar to create awareness among the public regarding income declaration Scheme. The last date of declaring income is 30th September.
Principal Commissioner of Income Tax, Mr. Shusheel Kumar, Mr. Murli Krishna and Mr. Venkateshwarlu, income tax commissioners gave the details of the scheme. They told that income tax payers can declare their assets making used of this scheme. They have to pay 45% tax on the undeclared income which included 30% tax, 7.5% Surcharge and 7.5% penalty. They warned the people that they have information that some people are hiding their income. Stern action would be taken against such persons. The tax collected under this scheme would be utilized for the development of infrastructure. Such of the persons who are facing search warrants and smugglers cannot benefit out of this scheme.
Ms. Amisha Gupta, Asst. Commissioner of Income tax welcomed the audience. Present on this occasion were Mr. B. Ramesh Kumar, Chairman, Tax Bar Association.