Under the scheme, people who have not paid full taxes or declared their income in the past can declare their undisclosed income without penalty
Dimapur, July 8 (MExN): A seminar on “Income Declaration Scheme 2016” was held on July 8 at Lion’s Club Hall, Midland, Dimapur. Organized by the office of the Additional Commissioner of Income-Tax, Range- Dimapur, the seminar was attended by many prominent businessmen, Income Tax practitioners, members of Tax Bar Association, Dimapur Chamber of Commerce & Industries, and Lion’s Club Dimapur.
The Income Declaration Scheme, 2016 was introduced by the Government of India in the Finance Act, 2016, a press release from the organizers informed. The scheme provides an opportunity to those who have not paid full taxes or declared their income in the past to come forward and declare their undisclosed income and pay tax, surcharge and penalty totaling in all to 45 percent of such undisclosed income declared. The scheme is open for four months from June 1 to September 30. The biggest advantage of the scheme is that once an assessee declares income under this scheme, he will get immunity from penalty or prosecution proceedings under the Income-tax Act and Wealth-tax Act related to such income. No scrutiny or enquiry will also be done by the department in respect of the income declared under the scheme.
P. Lokho, Deputy Commissioner of Income-tax, Circle-Dimapur inaugurated the seminar with welcoming the participants. He emphasized on the necessity of giving wide publicity of the scheme so that it reaches to a large number of people. He also stated that giving awareness to the public is very important to attract those who are willing to declare their undisclosed income.
S. Sachidananda Singh, Income-tax Officer, Ward-2, Dimapur presented a PowerPoint on the Acts & Laws binding the Income Declaration Scheme, 2016. He elaborated on the scheme with special reference to the procedure of declaration of undisclosed Income.
Meanwhile, IK Zhimomi, Addl. Commissioner of Income-tax, Range-Dimapur and Nodal Officer IDS, NER delivered a speech on the Income Declaration Scheme, 2016 highlighting the importance and necessity of the scheme. He stated that the Government of India has introduced the scheme to bring all the black money under tax net so that more revenue will be collected for the nation.
Handouts with complete details of the Income Declaration Scheme were distributed to all the participants of the seminar and an open discussion was held.
