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 : The Court held that self-assessment tax paid due to failure of an initial IDS declaration must be treated as payment under the rev...
Income Tax : ITAT held that funds from earlier years and IDS disclosures cannot justify cash deposits made in a later year without proper linka...
Corporate Law : Bombay High Court quashed reassessment proceedings initiated using data from a valid IDS declaration, holding that once accepted u...
Income Tax : Srijan Charitable Trust Vs ITO (Exemption) (ITAT Kolkata) Background Srijan Charitable Trust, registered u/s 12A, filed return of ...
Income Tax : ITAT Jaipur rules that interest earned on a money-lending asset declared under IDS 2016 is not unexplained income and deletes the ...
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...
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 :-
CBDT Circular No. 17/2016 clarifies the scope and procedure of the Income Declaration Scheme, 2016, addressing key queries about tax, penalties, and immunity.
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.
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent.
The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below:
Double edged Sword for Tax Evaders – The Income Declaration Scheme, 2016 Shri Arun Jaitley, Hon’ble Finance Minister of the Government of India, introduced The Income Declaration Scheme, 2016 vide Finance Bill, 2016 After the budget presentation, in an interview to Doordarshan, the Finance Minister said that to bring the Black money back into the […]
Litigation has been a major area of concern in direct taxes. In order to reduce the huge backlog of cases and to enable the Government to realise its dues expeditiously, it is proposed to bring the Direct Tax Dispute Resolution Scheme, 2016 in relation to tax arrear and specified tax. The salient features of the proposed scheme are as under
