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The Income Declaration Scheme 2016 extension of last date to declare and some amendments are desirable

The Income Declaration Scheme, 2016 – extension of last date to declare and some amendments are desirable - Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 26-9-2016 Last Replied Date:- 27-9-2016 - The Income Declaration Scheme, 2016 (IDS) The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last c .....

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nd desirable that the last date for making declaration should be extended. Due date for ROI for AY 2016-17 extended to 17.10.16 in audit cases: Due date for filing of ITR for Assessment Year 2016-17 (for previous year ended on 31.03.16) has been extended to 17th October 2016 in cases where assessee is required to get his accounts audited and also cases where his return of income is dependent on another assessee whose accounts need to be audited. Under IDS income can be declared for any year up t .....

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y income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017- (a) for which he has failed to furnish a return under section 139 of the Income-tax Act; (b) 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; (c) which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return .....

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any expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made. On reading of the above section we find that: Declaration under IDS can be made for: Case where return of income has not been furnished: a. any assessment year prior to the assessment year beginning on the 1st day of April, 2017 ( that is for anythe previous earlier to year01.04.2016 - 31.03.2017). In clear terms, it can be said that declaration can be made for all years .....

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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; (c) 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. As discussed earlier, declaration under IDS can be made including for Assessment Year 2016-17, for assessment year 2016-17 in som .....

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