Home Detail News

Income Declaration Scheme by Income Tax Deptt.

Port Blair ,

   The Deputy Commissioner of Income Tax, Port Blair, Smt. Aashwita Lal, has informed the general public that a new scheme has been introduced by the Income Tax Department. 
  The Income Declaration Scheme (IDS), 2016, allows income tax assessees to declare any undisclosed income/assets pertaining to Financial Year 2015-2016 or earlier. It is open from June 1 to September 30, 2016 and tax on such disclosure can be paid till November 30, 2016. 
  The scheme gives an opportunity to disclose unaccounted income/assets by paying the applicable tax, cess and penalty totalling to 45% of the undisclosed income. 
 It is a good opportunity for those who have knowingly or unknowingly not disclosed or under-disclosed their income. The declaration may be filed online at the department website www.incometaxindia.gov.in or offline with the jurisdiction Principal Commissioner of Income Tax. 
   The biggest advantage is that once an assessee declares income under this, he/she will get immunity from penalty/prosecutions under the IT Act and Wealth Tax Act. 
 For more information and clarification contact the Income Tax Office, MB-210, Shadipur, Port Blair, A&N Islands-744106, a communication said.