Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
 
 
Indirect Tax »
 Who should you believe on LTCG tax?
 Double Income tax exemption limit to Rs 5 lakh: EY surveya
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 Tax department circular on indirect transfer put on hold
 Rising share of indirect taxes a step back to regressive era
 Double-digit Increase in Direct, Indirect Tax Collection, Says Arun Jaitley
 What is Direct tax?
 Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
 Tax buoyancy improves, thanks to indirect levy
 FM may unveil GST timeline, state compensation corpus on Feb 1
 Direct and indirect tax collection to exceed budget estimates this fiscal: Jaitley

No tax waiver for revealing illegal assets
July, 11th 2016

Union finance minister Arun Jaitley has said that the central government's ambitious 'Income Declaration Scheme' (IDS) is for disclosure of unaccounted wealth and does not provide for waiver of tax or penalty amount.


Jaitley was speaking at an event organized to spread awareness about IDS at Gujarat University convention hall on Sunday. This was the first IDS awareness event undertaken by Jaitley in the country.
"Unlike past schemes, under the IDS a taxpayer has to pay penalty and cannot ask for reassessment of earlier valuation. If we allow this, it will be putting a premium on dishonesty and also be unfair to honest taxpayers," Jaitley said.

The Centre had launched IDS last month to provide an opportunity for voluntary disclosure to those owning black money. Taxpayers availing the scheme will have to pay 45% tax (30% tax, 7.5% penalty and 7.5% krishi cess).

Under the scheme, assets will be assessed according to their market value on June 1, 2016. The disclosed income will get exemption from property tax and the person will not be questioned under income tax or property tax laws.

The Union finance minister said the first thing that the Modi government did was to implement the Supreme Court directive on black money and set up an SIT with two retired Supreme Court judges. "Our assessment in cases related to HSBC, Geneva and Liechtenstein are over as prosecution has been initiated. Moreover, with more information emerging from Panama Papers, the government is investigating further," Jaitley said.
He added that under the voluntary disclosure scheme for offshore accounts on which the government had levied 40% tax, assets worth Rs 4,500 crore had been declared.
"In whichever country I visit, I first ask about the tax structure and evasion rate. In many countries, tax evasion is unimaginable because of the stiff laws. In comparison, India's tax rates are very reasonable," Jaitley said.
Top Comment

Jaitley is a pathological liar. How many Black Money Holders inside and outside the country has this government prosecuted? Zero, Zilch, Notta. He is just selling Cow Sh&it to Hindus.
Brown American

SEE ALL COMMENTSADD COMMENT

He added that in the future, it will be difficult to generate black money. "We have created a consensus among G-20 countries for sharing of information. These countries are responsible for 85% of the world economy," Jaitley said. He added that the Indian government would be able to get real-time information on remittances by 2017 as a result of the FATCA agreement signed with the US.

Gujarat chief minister Anandiben Patel was the chief guest at the event.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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