Black money: IT dept notifies declaration forms

The Income Tax department notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window.

The forms- 1, 2, 3 and 4 can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS). "In Form 1 the details of assets to be declared under the IDS is to be provided, Form 2 is the acknowledgement for the same that will be issued by the jurisdictional Principal Commissioner of Income Tax to such a person. Form 3 and 4 pertain to payment of taxes and penalty on these funds," a senior IT official said.

The forms have been uploaded on the e-filing portal of the department --http://incometaxindiaefiling.gov.in/.