Income Tax Department holds Seminar On Income Declaration Scheme 2016

Ludhiana, July 23, 2016: The Income Tax Department organised a Seminar to highlight the Income Declaration Scheme (IDS) 2016 with Tax Bar Association, Chamber of Commerce, Industrial & Trade Associations with the object to make the said scheme a great success. In the seminar all top level officials and Office Bearers of tax bar associations as well as office bearers & executive members of Chamber of Commerce, Industrial & Trade Associations were present.
The said seminar was presided by Mrs. Rani Singh Nair, Member of CBDT (L&C) New Delhi. She called upon those persons who have undisclosed money ORSSS assets with them “To come forward and Earn Peace of Mind” by paying 45% of undisclosed income as tax surcharge & penalty.
She further said that taking into consideration the practical difficulties of the stake holders, the Central Govt has decided revised the time schedule of making the payment of tax, surcharge & penalty as under : -
A minimum amount of 25% of the tax, surcharge & penalty to be paid upto 30/11/2016, 25% upto 31.03.2017 and the balance amount to be paid on or before 30/09/2017.
According to Ashok Kumar Juneja & B.R. Kaushal, Secretary General, Punjab Tax Practitioners Association (PTPA) the approach of Mrs. Nair was positive, convincing and most appreciable who said that anyone can declare under IDS 2016 without any kind of fear, investigation & questioning since the entire proceedings will be kept strictly confidential & will not be sent or communicated to any other person or department whosoever may be. No public servant shall produce before any person or authority any such document or record or any information or computerized data or part thereof as comes into his possession during discharge of official duties in respect of valid declaration made under the scheme.
B.R. Kaushal & Rupinder Kansal General Secretary PTPA specifically requested Mrs. Nair that there is acute shortage of Departmental Highups & staff. She assured that effective measures had already been taken to overcome the said problems and she was hopeful that the said deficiency may not remain in near future for which she will do her best in this direction.

Tarlok Bhalla, President and Rishi Khanna, General Secretary, Taxation Bar Association (TBA) sought clarification regarding whether declarant`s cases will be taken in scrutiny on which Mrs. Nair replied that the cases of declarant shall not be selected for scrutiny under the CASS only on this ground that there will be increase in capital in balance sheet as a result of the declaration made under the scheme.
On the query raised by Subhash Jain CA, President & Rachit Bhandari CA, General Secretary, District Taxation Bar Association (Direct Tax) regarding investment in immovable property in the name of spouse. Mrs. Nair replied that his spouse can declare the fair market value of the property in his own name if the funds for acquisition of the said property were provided by such person.
Principal Chief Commissioner, Chief Commissioners, Principal Commissioners, Commissioners, Additional & Joint Commissioners, D.I. Investigation & other officials highlighted their views on said scheme. Mr. P.D. Sharma, President & Rajnish Ahuja General Secretary, Apex Chamber of Commerce, Industrialists & PTPA`s Inder sain Sharma Co-Patron, Bal Krishan Gupta, Co-Chairman, K.K. Singla and Raj Pal Gupta, Senior Vice Presidents, H.S. Ghai Joint Secretary, & Ashwani Abrol Advocate, also spoke on the occasion for which Mrs. Nair asked them to send the same to her in writing for further possible action at her end.