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Income Declaration Scheme 2016 unearths ₹ 65250 crore of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September, 2016

News and Press Release - Dated:- 1-10-2016 - The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclose .....

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FAQs to address various queries received. Major issues clarified included manner of declaration of fictitious liability, allowance of cost indexation and holding period benefit for registered immovable property, sanctity of valuation report etc. Dif .....

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eclarants. An appeal was made by the Honourable Prime Minister of India to the general public to come clean on taxes due. The FM personally addressed stakeholders at many stations. More than 5500 public meetings in various cities were conducted by th .....

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These steps resulted in a tremendous response from the general public, especially in the last two months. As a consequence, 64275 declarations were filed upto the midnight of 30th September, 2016 with an aggregate of Rs.65250 Crore worth of hitherto .....

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ed upwards. This Scheme was the latest initiative of the Government of India towards tackling. The major steps taken by the Government against Black Money in the last 2-1/2 years include: SIT: Many recommendations accepted such as mandatory quoting o .....

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nternational Treaties: Signing of FATCA with US; Amendment of Mauritius Treaty; Initiative for signing of Automatic Exchange of Information Treaty with all major countries including Switzerland, Initiatives under BEPS (Based Erosion and Profit Sharin .....

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etection of ₹ 5, 000 crores of undisclosed deposits in foreign accounts made out of ICIJ cases, 55 prosecution cases filed in those cases; Big investigation in Panama cases has led to 250 references being made to other countries asking for deta .....

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