Income Declaration Scheme 2016
Press Information Bureau
Government of India
Ministry of Finance
05-September-2016 12:40 IST
Income Declaration Scheme 2016 – Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs)
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity
to persons who have not paid full taxes in the past to come forward and
declare their undisclosed income and assets. The Scheme has come into
effect from 1.6.2016 and is open for declarations up to 30.9.2016. The
Income Declaration Scheme, 2016 Rules (the Rules) have been notified on
19.5.2016. The amount payable under the Scheme can be paid in
instalments viz. 25% of the total amount payable by 30.11.2016; another
25% by 31.3.2017 and balance 50% by 30.9.2017.
In order to address concerns of the stakeholders and to clarify the
queries relating to the provisions of the Scheme, the Rules have been
amended from time to time and six set of circulars (FAQs) have been
issued. The following major issues addressed through Rules and FAQs are
as under:
- The information in respect of a valid declaration is confidential and shall neither be shared with any law enforcement agency nor shall be enquired into by the Income-tax Department.
- The assets declared under the Scheme are to be valued at cost of acquisition or at fair market price as on 1.6.2016 as determined by the registered valuer, whichever is higher. However, an option for valuation of registered immovable property on the basis of stamp duty value of acquisition adjusted with the Cost Inflation Index has also been provided.
- Credit for unclaimed TDS made on declared income shall be allowed.
- Neither any capital gains tax nor any TDS shall be levied on transfer of declared benami property from benamidar to the declarant without consideration.
- The amount of fictitious liabilities recorded in audited balance sheet and not linked to acquisition of an asset can be disclosed under the Scheme as such.
- The period of holding of declared registered immovable assets shall be taken on the basis of the actual date of registration.
- The valuation report obtained by the declarant from a registered valuer shall not be questioned by the department. However, valuer’s accountability will remain.
- No adverse action shall be taken by FIU or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the Scheme.
- No enquiry/investigation shall be made in respect of the undisclosed income and assets declared under the Scheme even if the evidence of same is found subsequently during course of search or survey proceedings (circular No.32 dated 01.09.2016).
Further, vide Circular No. 31 dated 30.8.2016 an option has been
provided to the declarants to file the declaration under the Scheme
electronically under digital signature with the Commissioner of
Income-tax, Centralised Processing Centre, Bengaluru [CIT(CPC)]. In case
the declarant exercises the said option the declaration shall not be
shared with the jurisdictional Principal Commissioner/Commissioner under
the Income-tax Act.
In view of the fact that all the major queries and concerns of
stakeholders have already been addressed by issue of circulars (FAQs)
and also to provide stability and certainty to the Scheme, it is
envisaged that no further clarifications on the Scheme shall be issued.
It is reiterated that the Scheme closes on 30.09.2016. The extension of the scheme is out of question.
Issue of notification for LDC Exam for promotion to the cadre of Inspector Posts for the year 2015-16
It has now been decided by the Competent Authority to conduct the
Limited Departmental Competitive Examination for promotion to Inspector
Posts cadre for the vacancies for the period 01.01.2015 to 31.03.2016
i.e. for the year 2015-16 in-house on the old pattern using OMR method
for evaluation. The said Examination is scheduled to be held on 15th and
16th October, 2016.
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