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The rules and all the provisions of the BTP Amendment Act shall come into force on 1st November, 2016. After coming into effect of the BTP Amendment Act, the existing Benami Transactions (Prohibition) Act, 1988 shall be renamed as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act).
Representations have been received from field authorities to allow electronic mode of communication as a valid mode of service for issuance of Form-2 under the Income Declaration Scheme, 2016.
The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016.
Concern was raised by field authorities that there can be few cases where the assessees may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme i.e. 30.09.2016
The number of benami transactions in the real estate sector has increased astronomically. In the absence of an effective regulation, the black or ill-gotten money is easily parked in the opaque real estate industry. In the recent last couple of years, there has been immense hue and cry about curbing benami transactions and black money.
As regards, concerns regarding confidentiality of the information filed under the The Income Declaration Scheme, 201, it is reiterated that information contained in a valid declaration is confidential and shall not be shared.
The CBDT has so far refrained from issuing any statement regarding number of declarations received, amounts declared or taxes paid under the Scheme in order to ensure complete confidentiality. The confidential handling of declarations made under the Scheme is of utmost importance to the Income Tax Department and the CBDT is aware of its responsibility towards fulfilling this crucial role.
In order to facilitate filing of declarations under Income Declaration Scheme 2016 even after office hours, Pr.CCs.I.T. are instructed to ensure that counters for receiving declarations under I.D.S., 2016 remain open till midnight of 30th September, 2016 in all jurisdictions.
When, the Income Disclosure scheme,2016 under the domain of Ministry of Finance began it swiftly became clear that the government is in serious business of tackling the black money within the boundaries of sovereign INDIA.
SIT feels that for controlling and tracking illicit financial flows out of the country, use of RBI data by various Law enforcement agencies like Enforcement Directorate, Directorate of Revenue Intelligence and CBDT is of critical importance.
