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Income Declaration Scheme - CBDT issues fresh FAQ; clarifies no sharing of info with any other agency and credit for TDS to be allowed in certain cases

By TIOL News Service

NEW DELHI, JUNE 30, 2016: WITH the PMO closely monitoring the Income Declaration Scheme (IDS) and the Finance Minister personally interacting with the professionals to lend it a big push, the CBDT is literally on its toes. Within 48 hours of what was promised by the Finance Minister, the CBDT has issued yet another FAQ clarifying the point that the information contained in the declaration will not be shared with any other law enforcement agency. In fact, it goes on to state that it would not share such information even within the Department with any other wing.

In response to a query relating to availability of credit for the TDS paid on the income declared, the Board has clarified that credit for tax deducted shall be allowed only in those cases where the related income is declared under the Scheme and the credit for the tax has not already been claimed in the return of income file for any assessment year.

Whether immunity will be provided under other economic laws including Service Tax, VAT, Companies Act, SEBI Act & regulations etc.? The latest FAQ states that the Scheme provides immunity under the Income-tax Act, 1961, the Wealth-tax Act, 1957 and the Benami Transactions (Prohibition) Act, 1988. Immunity from Benami Transactions (Prohibition) Act is subject to the condition that the property will be transferred to the declarant (being the person who provided the consideration for the property) latest by 30th September, 2017.

In response to a query - if a person invested his undisclosed income in a house property in the previous year 2010-11 which has not been let out and the person also owned another house property from disclosed sources, which has been claimed as self-occupied property for the purposes of computation of income under the head income from house property and if the person declares the undisclosed house property at its fair market value on 01.06.2016, whether any action will be taken for bringing the annual value of the undisclosed property to tax as income from house property by deeming it to be let property, the FAQ underlines that where the house property was let-out during the relevant period, the actual rent received or receivable will be required to be declared under the Scheme in addition to the fair market value of the house property as on 01.06.2016.

An issue regarding the advantage of declaring undisclosed income and assets under the Scheme vis-à-vis declaration of the same as current income for Assessment Year 2017-18 was also raised to the Board. In this regard it has been clarified that declaration of undisclosed income and assets as current income for Assessment Year 2017-18 would attract prosecution for false verification and also cannot explain acquisition of undisclosed assets in the past years. Attention of taxpayers has also been drawn to the comprehensive data-mining programme launched by the Department which will provide pin-pointed information about transactions undertaken by the taxpayer and the year to which the same relate.


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