Income declaration & tax dispute resolution schemes to come into force from June 1

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force from June 1 this year, said the Central Board of Direct Taxes (CBDT) in a statement on Thursday.

The CBDT said that the schemes would be activated after the Finance Act 2016 receives presidential assent.

A spokesperson of the CBDT said that the complete text of the two schemes is available on the website of the Ministry of Finance as part of the Finance Bill 2016.

She said that stake holders and general public can submit their issues/points/opinions/clarification/guidance by May 25, 2016 at the email address media.cbdt@gmail.com or by post at the following address:

Commissioner of Income Tax

Media & Technical Policy

Official Spokesperson

Central Board of Direct Taxes

Room No.151,

North Block,

New Delhi-110001.

The spokesperson said the envelopes should be marked with "The Income Declaration Scheme 2016" or "The Direct Tax Dispute Resolution Scheme 2016".