Income Tax : Budget 2021- excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under Income Declaration Scheme (I...
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 seco...
Income Tax : The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respec...
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 (I...
Income Tax : Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising...
Income Tax : Explore the Income Disclosure Schemes implemented by the Government of India, including details about the amounts received, revenu...
Income Tax : Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure...
Income Tax : The extended due date for filing of Form IDS 3 is 31st January, 2020. However, the same could not be filed in many cases due to th...
Income Tax : Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of t...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : ITAT Mumbai decides on the applicability of penalties under Section 271(1)(c) after disclosing concealed income under the IDS sche...
Income Tax : Bombay High Court has directed the Income Tax Authorities to refund the deposit made under the Income Declaration Scheme (IDS). Th...
Income Tax : The petitioner has applied under the Income Declaration Scheme, 2016. Admittedly, he has not paid the entire dues as per the schem...
Income Tax : Jharkhand High Court held that instalments paid under Income Declaration Scheme, 2016 is allowed as refund. However, interest on t...
Income Tax : ITAT Kolkata held that disclosure of undisclosed income under IDS, 2016 on which taxes are duly paid cannot be further added as un...
Income Tax : Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural i...
Income Tax : Guidelines approved by for correction in minor head attribute of IDS challans - Mistake in minor head committed by taxpayer: If t...
Income Tax : CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Per...
Income Tax : The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests...
Income Tax : IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on o...
The Income Declaration Scheme 2016 has been framed under Chapter IX of the Finance Act 2016. As per Circular No. 16/2016, scheme received the assent of the President on 14-05-2016The scheme shall come into force on 01-06-2016. It comprises sections 181 to 199 of Finance Act 2016. In this article an attempt has been made to consolidate the entire law published till date on the Scheme.
CHAPTER IX OF THE FINANCE ACT, 2016 THE INCOME DECLARATION SCHEME, 2016 Short title and commencement. 181. (1) This Scheme may be called the Income Declaration Scheme, 2016. (2) It shall come into force on the 1st day of June, 2016. Definitions. 182. In this Scheme, unless the context otherwise requires,— (a) “declarant” means a […]
Form of declaration and undertaking under section 203.- (1) The declaration under sub-section (1) of section 203 shall be made in duplicate in Form-1 to the designated authority and verified in the manner specified therein.
Income Declaration Scheme, 2016, introduced vide Finance Act, 2016 (28 of 2016), provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income. Rule 4 of the Income Declaration Scheme Rules, 2016 provides that a declaration of income or income in the form of investment in any asset u/s 183 shall be made in the prescribed manner to the Principal Commissioner or the Commissioner who exercises jurisdiction over the declarant.
Income Tax Department has come up with the Income Declaration Scheme 2016 to purify the Tax evaders. The government has issued its forms, rules and other details on 20th May 2016. But what is this scheme? How can a taxpayer clear his sins of black money? Everyone should take this conversation as a means of gathering knowledge and not otherwise.
A declaration under the Income Declaration Scheme, 2016 may be made in respect of any income or income in the form of investment in any asset located in India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year 2017-18
Central Government hereby makes the following rules for carrying out the provisions of Chapter IX of the said Act relating to the Income Declaration Scheme, 2016 namely :-
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all the 45% of such undisclosed income declared. The Article clarify the points raised in the form of questions and answers as follows.-
Central Government hereby appoints – (i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183; (ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of the undisclosed income;
The Income Declaration Scheme, 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
