sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Three reasons to file income tax returns on time
  New direct tax code may have to wait until 2019
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers

IDS is tremendous success: CBDT chief Rani Singh Nair
October, 18th 2016

The income tax department carried out massive campaigns in the past four months to convince tax payers to come forward and declare undisclosed incomes under the Income Declaration Scheme (IDS). Under the scheme, 64,275 individual tax payers have declared undisclosed income to the tune of Rs 65,250 crore. Central Board of Direct Taxes (CBDT) chairperson Rani Singh Nair is “satisfied” with the response and said the scheme succeeded even with a high rate of tax and penalty compared to one announced in 1997. Excerpts from an interview:

Are you satisfied with the declarations that have come till now?

The press had said that the IDS declaration would be to the tune of Rs1,000 crore. Now, we have Rs 65,250 crore worth of declarations. Of course we are satisfied.

How do you compare IDS to the immunity scheme of 1997?

The per capita tax on each tax payer in the 1997 scheme was much lower… this is a more successful scheme. It has shown tremendous improvement as compared to the 1997 scheme, where the rate was as low as 6 per cent. We have always said we have to encourage the honest tax payers. And therefore, for the IDS, we have put a penalty because when you are coming clean after such a gap, you should pay penalty. If we do not do this, no normal tax payer will pay on time.

Did you add new tax payers through IDS?

Currently, we do not have the detailed information on new tax payers. Till one o’clock last night, we have been collecting and tabulating the information. My officers are uploading the information.

Do you think the high number of search and seizure operations in the recent months has led to more declarations?

The search and seizure operations are in the normal course. There have been no search and seizure operations related to IDS. This is information based and spot verification.

What would be the next step towards unearthing black money?

The finance minister has already said that we would continue with the normal procedures under the law. We have our digital verification going on. We would be carrying the normal process, which is required as per the law. We are taking actions as per the provisions of the Income Tax Act.

What would be the consequence if any individual has not declared his complete undisclosed income under IDS?

Any taxpayer who has come forward, has done his due diligence to declare his black money. Otherwise, there is no point in declaring. If he has not declared fully, then immunity offered would not apply.

Was it tough to convince tax payers ?

This is a voluntary scheme. The income tax department had a massive outreach programme. We wanted the tax payers to come voluntarily and not because of force. We wanted them to come because of their own desire to come and join the proud tax payer family.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions