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...
CIT, CPC, Bengaluru, headquartered at Bengaluru, shall exercise the concurrent powers and functions in respect of the declaration referred to in section 183 of the Finance Act, 2016 which has been furnished electronically under digital signature and shall also be deemed to be the Principal CIT or CIT for the purposes of section 186 of the Finance Act, 2016 in respect of such declaration.
Few Words about the scheme:- i. The Income Declaration Scheme,2016 is incorporated as Chapter IX of Finance Act 2016 and is covered in section 181 to section 199. ii. It shall come into force on 1st day of June 2016
India is moving towards a lower tax regime with non-litigious approach. Thus, while compliant taxpayer can expect a supportive interface with the department, tax evasion will be countered strongly. Capability of the department to detect tax evasion has improved because of enhanced access to information and availability of technology.
Krishna, festival of Lord Krishna’s Janmashtami is coming closer on 24th Aug. To break the Dahi Handi, human pyramids are formed. Also, the height of Dahi Handi is being a new topic for political debates.
If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme).
Where loans, creditors, advances received, share capital, payables etc. are disclosed in the audited balance sheet but are fictitious in nature and cannot be directly linked to acquisition of a particular asset, then such fictitious liabilities can be disclosed under the Scheme as such without linking the same with the investment in any specific asset.
Income Declaration Scheme Rules, 2016 have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of the property.
The declarant is hereby directed to make the payment of sum payable as per column (5) of the above table, as specified below:- (i) an amount not less than twenty-five per cent. of the sum payable on or before 30th day of November, 2016;
Central Board of Direct Taxes hereby extends the time for issuance of acknowledgment in Form-2 as prescribed in sub-rule (3) of rule 4 of the Rules from 15 days to 30 days in respect of the declarations filed under Income Declaration Scheme, 2016 in the month of July, 2016.
Newspapers, periodicals, TV channels are full of advertisements of Income Declaration Scheme 2016. Hoardings, banners, posters and handbills highlight the details of the Scheme. PM, FM and top brass of the Income Tax Department are beckoning people to declare their undisclosed incomes and contribute to the nation’s mite.
