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...
In order to further facilitate the filing of declarations even after the office hours, the Pr. CCs.I.T are instructed to ensure that the counters for receiving the declarations under I.D.S., 2016 remain open till 8.00 P.M. on 28th and 29th September, 2016 in all jurisdictions.
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
In order to facilitate the declarants who would like to file the declaration in paper form, the CBDT has issued instructions to all Principal Chief Commissioners of Income Tax across India to ensure that arrangements are made for receiving such declarations till midnight of 30-09-2016.
Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclosed income invested
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.
Principal Commissioners or Commissioners are advised to take a lenient view on receipt of a valid application under section 273A of the Act in respect of an issue for the said assessment year which is identical to the issue on which a valid declaration has been made under the Income Deceleration Scheme 2016 for other assessment year(s) subject to payment of the entire amount payable under the Scheme.
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..
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.
