IDS 2016

Payment of Tax on last date through cheque but cleared after seven days

Income Tax - Recently I came into question of the case where a person issued a cheque for payment of IDS on dated 31.03.2017 (last date of second instalment) but the cheque was clear on 07.04.2017. Because there was banking channel to clear the cheque....

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IDS 2016- How to validate Form 3 and Form 4

Income Tax - The below instructions are issued with respect to the validations and checks available in e-Filing portal for Form 3 and Form 4 (IDS, 2016)....

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Battle of Love for Money and Fear of Income Tax – IDS?

Income Tax - Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it....

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Undisclosed Bank A/c, deposits in Co-operatives & IDS, 2016

Income Tax - Krishna, the opportunity for disclosing black money will end on 30th September 2016. Also, the income tax department is carrying on survey, raid on the taxpayers evading tax. Also the department is conducting inquiry and collecting information from financial institutions, banks, co-operative banks, etc.....

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IDS 2016: Who Will Have The Last Laugh?

Income Tax - 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....

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Major Achievements of CBDT in Current Financial Year 2016-17

Income Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

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Step to encourage Tax compliance without Harassment by IT Department

Income Tax - (a) whether the Government is aware that roadside eatery owners in various cities including Mumbai have made declaration of their unaccounted income and properties after IT raids; (b) if so, the details thereof; and (c) the steps taken by the Government to encourage such evaders to declare unaccounted income without subjecting them to any...

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Utilisation of Funds of IDS 2016 to be firmed up after 30.09.2017

Income Tax - Ddates specified for payment of tax, penalty and surcharge under Income- Declaration Scheme, 2016, are 30.11.2016, 31.03.2017 and 30.09.2017. In view of the same, the total amount collected under the Scheme shall be firmed up after the last date of installment i.e. 30.09.2017....

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IDS 2016- Department verifying HIgh Value suspicious declarations

Income Tax - There were two sets of declarations of high value which were not taken on record in above figure because these declarations were found to be suspicious in nature being filed by persons of small means....

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Obtain PAN of IDS 2016 Declearant, who has not furnished

Income Tax - It has come to my notice that some declarations under IDS, 2016 received manually without PAN are still pending for issuance of Form -2 due to non-availability of PAN ....

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No Benefit under IDS 2016 if Search initiated after launching of scheme

Surendra Pal Singh Sahni Vs The Director General of Income Tax (Rajasthan High Court) - Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings....

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Credit of Advance Tax paid can be claimed under IDS 2016

Kumudam Publications Pvt. Ltd. Vs Central Board of Direct Taxes and ORS. (Delhi High Court) - Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme....

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IDS 2016: CBDT guideline for condonation of delay in payment

F.No. 225/86/2017-ITA.II - (28/03/2017) - CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Personal/emergency reasons (b) Lack of liquidity (c) Confusion about due date (d) Rush at banks (e) Any other reasons which are attributable to declarants...

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Guideline for Correction of IDS, 2016 payment challan

OLTAS Instruction No. 53 - (13/02/2017) - The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests from taxpayers and field formations for the correction of attributes like PAN, AY, minor head and major head of such Challans....

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IDS 2016 not invalid if tax payment made before due date but credited late

Instruction No. 2 of 2017 - (16/01/2017) - IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on or before date of 30th November, 2016, but the same has been credited by banks after due date of 30th November, 2016, but on or before the 05th December, 2016....

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MIS relating to Tax payments made under IDS 2016

IDS Instruction No.3 - (27/12/2016) - Viewing of MIS relating to Tax payments made under IDS 2016 and tax payment and TDS claim matching before issue of Form 4 – enhancements of functionalities - Income Disclosure Scheme, 2016 ...

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CBDT notifies rules for calculation of time period for Property declared: IDS, 2016

Notification No. 108/2016-Income Tax - (29/11/2016) - (i) being an immovable property, period for which such property is held shall be reckoned from date on which such property is acquired if date of acquisition is evidenced by a deed registered with any authority of a State Government;...

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Recent Posts in "IDS 2016"

No Benefit under IDS 2016 if Search initiated after launching of scheme

Surendra Pal Singh Sahni Vs The Director General of Income Tax (Rajasthan High Court)

Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings....

Read More

Payment of Tax on last date through cheque but cleared after seven days

Recently I came into question of the case where a person issued a cheque for payment of IDS on dated 31.03.2017 (last date of second instalment) but the cheque was clear on 07.04.2017. Because there was banking channel to clear the cheque....

Read More
Posted Under: Income Tax |

Credit of Advance Tax paid can be claimed under IDS 2016

Kumudam Publications Pvt. Ltd. Vs Central Board of Direct Taxes and ORS. (Delhi High Court)

Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme....

Read More

IDS 2016: CBDT guideline for condonation of delay in payment

F.No. 225/86/2017-ITA.II (28/03/2017)

CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Personal/emergency reasons (b) Lack of liquidity (c) Confusion about due date (d) Rush at banks (e) Any other reasons which are attributable to declarants...

Read More

Guideline for Correction of IDS, 2016 payment challan

OLTAS Instruction No. 53 (13/02/2017)

The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests from taxpayers and field formations for the correction of attributes like PAN, AY, minor head and major head of such Challans....

Read More

IDS 2016 not invalid if tax payment made before due date but credited late

Instruction No. 2 of 2017 (16/01/2017)

IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on or before date of 30th November, 2016, but the same has been credited by banks after due date of 30th November, 2016, but on or before the 05th December, 2016....

Read More

Major Achievements of CBDT in Current Financial Year 2016-17

Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

Read More
Posted Under: Income Tax |

IDS 2016- How to validate Form 3 and Form 4

The below instructions are issued with respect to the validations and checks available in e-Filing portal for Form 3 and Form 4 (IDS, 2016)....

Read More
Posted Under: Income Tax |

MIS relating to Tax payments made under IDS 2016

IDS Instruction No.3 (27/12/2016)

Viewing of MIS relating to Tax payments made under IDS 2016 and tax payment and TDS claim matching before issue of Form 4 – enhancements of functionalities - Income Disclosure Scheme, 2016 ...

Read More

Step to encourage Tax compliance without Harassment by IT Department

(a) whether the Government is aware that roadside eatery owners in various cities including Mumbai have made declaration of their unaccounted income and properties after IT raids; (b) if so, the details thereof; and (c) the steps taken by the Government to encourage such evaders to declare unaccounted income without subjecting them to any...

Read More
Posted Under: Income Tax |
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