Four month window to disclose black money opens on 1 June 2016
Posted on:01 Jun 2016 15:00:13
Free Current Affairs to Your Email
01 June 2016 Current Affairs: The Income Declaration Scheme, seeking to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes, will open today and will remain in force till 30th of September.
According to reports, the four month disclosure window will provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on undisclosed assets.
People who have made money through corrupt means will not be allowed to take advantage of this scheme.
Under the scheme, persons making disclosure of unaccounted assets will be given time up to 30th of November to pay taxes, penalty and surcharge totalling 45 per cent at the fair market value.
The declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax across the country.Non declaration of undisclosed income will render such income liable to tax in the previous year in which it is detected by the Income tax Department along with other penal consequences.
FreshersLive - No.1 Job site in India. Here you can find latest 2018 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.