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 »
 Income tax return (ITR) filing: Pay tax on this PF account withdrawal
 These three tax deductions that can be reversed Income Tax
 Direct taxes code draft law is likely to seek less power for the taxman
 CBDT extends deadline for filing ITRs with audit reports to Oct 15, 2018
 ITRs rising, but not tax collection Did cash ban help raise tax base?
 Notification No. 52 /2018 Central Board of Direct Taxes
 Tax relief! You don't have to pay income tax on this money gift
 No Due Date Extension..?? CBDT asks to file IT Returns and Tax Audit Reports before 30th September
 Here's how to get them Latest ITR forms ask for more income details:
 Notification Central Board Of Direct Taxes
 Life insurers seek separate investment window in income-tax deduction

I-T Department starts sending SMSes assuring full confidentiality to assessees
September, 20th 2016

With just 11 days to go before closure of the compliance window under the black money scheme, the tax department has started sending SMSes assuring full confidentiality to assessees who want to come clean on their unaccounted wealth.

"The information received under Income Declaration Scheme (IDS) 2016 shall be confidential and shall not be shared with anyone," read the text message from the I-T Department.

The four-month compliance window for voluntary disclosure of domestic black money under the IDS comes to a close on September 30. Those declaring unaccounted wealth will have to pay 45 per cent tax plus penalty.

The Central Board of Direct Taxes (CBDT), which had issued a series of FAQs on IDS, has come out with another instruction clarifying that assessees can declare assets in relation to the assessment year during which notices have been served by May 31, 2016, and proceedings have been completed before September 30, 2016.

According to experts, declarations can be made with regard to capital gains or business income which have escaped assessment.

"It has been clarified that a declaration under IDS can be filed in respect of the assessment year for which notice... has been served on or before May 31, 2016, but the proceedings have been completed and the period of filing declaration under IDS has not expired," CBDT said in an instruction to field formations.

Nangia & Co Partner Suraj Nangia said CBDT has clarified that even if an assessment was initiated before May 31, 2016, but was completed before September 30, 2016, such taxpayers are eligible for filing declaration, but only in respect of income that was not a subject matter of the assessment.

As per the IDS facility, one can pay tax under the scheme by cash in a bank and no enquiry will be made by any bank official.

The government in July extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three instalments by September 30, 2017.

The first installment of 25 per cent will have to be paid by November 2016 to be followed by another of 25 per cent by March 31, 2017.

Earlier, tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30 this year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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