Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

THE INCOME DECLARATION SCHEME 2016

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 5-3-2016 - Presenting the Budget 2016-17 in Parliament, the finance minister said he wanted to give an opportunity to earlier non-compliant to move to the category of compliant as he proposed a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets. But it is not a voluntary disclosure of income scheme. For this purpose the Finance Minister in the Finance Bill, 2016 introduced in Chapte .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oked on the report of the Advisory Board under Section 8 of the said Act or before the receipt of the report of the Advisory Board; or such order of detention to which the provisions of Section 9 of the Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under Section 9(3), or on the receipt of the Advisory Board under Section 8, read with Section 9(2) of the Act; or such order of detention, being an order to which the provisions of Section 12A of th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Prevention) Act, 1967 and the Prevention of Corruption Act, 1988; to any person notified under Section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992; in relation to any undisclosed foreign income and asset which is chargeable to tax under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; in relation to any undisclosed income chargeable to tax under the Income Tax Act for any previous year relevant to an assessme .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

under Section 143(2) for the assessment year relevant to such previous year or a notice under Section 153A or under Section 153C of the said Act for an assessment year relevant to any previous year to such previous year has not been issued and the time for issuance of such notice has not expired; or where any information has been received by the competent authority under an agreement entered into by the Central Government under Section 90 or Section 90A of the Income Tax Act in respect of such u .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for which he has failed to furnish a return under Section 139 of the Income Tax Act; which he has failed to disclose in a return of income furnished by him under the Income tax Act before the date of commencement of this scheme; which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return under the Income Tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise. Valuation Clause 180 (2) provides that w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

3 provides the manner of declaration. A declaration shall be made to the Principal Commissioner or the Commissioner. It shall be in such form and be verified in such manner as may be prescribed. The declaration shall be signed, where the declarant is - an individual, by the individual himself; where such individual is absent from India by the individual concerned or by some person duly authorized by him in this behalf; and where the individual is mentally incapacitated from attending to his affa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

avoidable reason such managing partner is not able to sign the declaration or where there is no managing partner as such, by any partner thereof, not being a minor; any other association, by any member of the association or the principal officer thereof; and where the declarant is any other person, by that person or by some other person competent to act on his behalf. Any person making a declaration in respect of his income or as a representative in respect of income of any other person shall no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Payment of tax Clause 184 provides that the tax, surcharge and penalty shall be paid on or before a date to be notified by the Central Government in the Official Gazette. The declarant shall file the proof of payment of the same on or before the date notified with the Principal Commissioner or the Commissioner, as the case may be, before whom the declaration was made. If the declarant fails to pay the same the declaration filed by him shall be deemed never to have been made under this scheme. Ot .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or re-assessment. Clause 187 provides that the provisions of the Benami Transactions (Prohibition) Act, 1988 shall not apply in respect of the declaration of undisclosed income made in the form of investment in any asset, if the asset existing in the name of a benamidar is transferred to the declarant, being the person who provides the consideration for such asset, or his legal representative, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ppression of facts, such declaration shall be void and shall be deemed never to have been made under this scheme. Exemption from wealth tax Clause 191 provides that where the undisclosed income is represented by cash, including bank deposits, bullion, investment in shares or any other assets specified in the declaration- in respect of which the declarant has failed to furnish a return under Section 14 of the Wealth Tax Act, for the assessment year commencing on or before the 01.04.2015; or which .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nt by which the value of the assets has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilized for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the assessment years. Applicability of certain provisions of Income Tax Act and Wealth Tax Act Clause 192 provides that the provisions of Chapter XV of the Income Tax Act relating to l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version