IDS - No extension beyond Sept 30: Revenue Secretary
By TIOL News Service
MUMBAI, JULY 01, 2016: THE Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Mr Hasmukh Adhia, said “no source will be asked and no further proceedings will be initiated against those availing of the opportunity to declare their hitherto undisclosed income under the scheme”. Mr Adhia also reassured that the information contained in the declaration will not be shared with any other law enforcement agency.
Mr Adhia made it amply clear that this is a one time opportunity and the window will not be extended beyond the four month period, ending on September 30. He said this is a last chance for people to declare their unaccounted income, following which, the Income Tax Department would initiate its own action.
The Secretary informed that the Government has received many requests and suggestions with respect to the scheme including a demand to extend the deadline for paying tax and a provision to pay tax in instalments. “These suggestions are being examined by the government and an appropriate decision would be taken in due course of time” Mr Adhia added.
To a query on whether undisclosed income can be passed on as current income and tax paid at a lower 33% rate, the Revenue Secretary replied that it would amount to false verification and the assessee would be required to explain the source of income.
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