Income Declaration Scheme 2016

Taxpayers are getting notices with respect to cash deposited in savings bank accounts, as well as to sale and purchase of immovable properties. It may be helpful for such taxpayers to take benefit of the Income Declaration Scheme 2016, said Narayan Jain, tax expert while addressing the Business Standard Smart Business interactive session on ‘Income Declaration Scheme 2016’, organized in association with All India Federation of Tax Practitioners (East Zone) in Kolkata recently.

P.B. Pramanik, Addl. Director of Income Tax, Intelligence and Criminal Investigation, said that taxpayers should come forward and take advantage of the scheme. He assured taxpayers that declarations made under the scheme would be kept confidential. “These will not be shared with any other authority,” he said, and added that harsh action was being contemplated against tax evaders after 30th September.

Advocate R.D. Kakra explained in detail the Declaration Form No. 1 to be filed for the purpose of the scheme. He added that it could be filed physically with the Principal Commissioner of Income Tax or electronically with CPC, Bangalore.

CA Indu Chatrath moderated the discussions.

The workshop was followed by a Question & Answer session.

ND Saha thanked the audience for an overwhelming response.
 
Arvind Agarwal, Zone Secretary, and Kamal Jain worked behind the scene, taking care of all arrangements, to make the workshop a success.