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Clarifications on the Income Declaration Scheme, 2016

Income Tax - 25/2016 - Dated:- 30-6-2016 - Circular No.25 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 30th of June, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as the Scheme ) incorporated as Chapter IX of the Finance Act, 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 .....

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and the following clarifications are issued.- Question No.1: Will the information contained in the declaration be shared with other law enforcement agencies? Answer: No; the information contained in the declaration shall not be shared with any other law enforcement agency. The information will also not be shared within the Income Tax Department for any investigation in respect of a valid declaration. Question No.2: Whether immunity will be provided under other economic laws including Service Ta .....

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nformation contained in the declaration made under the Scheme will not be shared with any other tax or law enforcement agency. Question No.3: Where the value of immovable property determined under Rule 3 of the IDS Rules is lower than the value adopted or assessed/assessable by stamp valuation authority referred in section 50C or section 43CA of the Income-tax Act, whether value of such property is to be declared as per Rule 3 of the IDS Rules, or as per section 50C/43CA? Answer: The value of th .....

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the return of income file for any assessment year. Question No.5: Where a valid declaration is made after making valuation as per the provisions of the Scheme read with IDS Rules and tax, surcharge & penalty as specified in the Scheme have been paid, whether the department will make any enquiry in respect of sources of income, payment of tax, surcharge and penalty? Answer: No. Question No.6: What is the purpose of obtaining the information about the nature of undisclosed income in the last .....

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e nomenclature such as immovable property , moveable property , gold , jewellery or cash etc. This will enable the taxpayer to establish the link between the income declared under the scheme and the claim, if any, made in respect of such undisclosed income in the return of income filed subsequently or during any assessment proceedings. Question No.7: In case the value of immovable property is evidenced by registered deed, whether the value as per registered deed or the market value as on 01.06.2 .....

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f sold in the open market as on 1st June, 2016. Question No.8: In case a declaration relating to investment in undisclosed asset is made under the Scheme, whether any investigation will be initiated against the seller in respect of such declaration? Answer: No. Question No.9: What are the advantages of the Scheme as against declaring the past undisclosed income as current income in the return of income to be filed for Assessment Year 2017-18? How will the Department identify the year in which th .....

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ain the source of income. Declaration of past undisclosed income in the current year cannot explain assets acquired in the past or provide any immunity in respect of the same. The Income-tax Department is in receipt of large volume of information from various sources such as registrars of property, banks, financial institutions, stock exchanges, tax deductors etc. The Department has launched a comprehensive data-mining and compliance management programme in the form of Project Insight which will .....

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01.06.2016. The fair market value of the immovable property as on 01.06.2016 is ₹ 80 lakh. What is the amount to be declared under the Scheme? Answer: The declarant in this case has to declare the following: (i) ₹ 80 lakh being fair market value of the immovable property as on 01.06.2016 (ii) ₹ 20 lakh being the cash in hand as on 01.06.2016 (iii) ₹ 20 lakh being the balance of undisclosed income [Rs. 90 lakh - (Rs.50 lakh + ₹ 20 lakh)] which is not represented in t .....

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