Nagpur: Every year 1st July is celebrated as “Chartered Accountants Day” throughout the country. It has been tradition of Nagpur Branch to organise several functions to celebrate this day with great enthusiasm & zeal. On this occasion Nagpur Branch has organised a Seminar to update the members & general public on the Income Declaration Scheme -2016 introduced by the Government of India which came in force on 1st June 2016. Minister of Finance Arun Jaitely had announced a one time opportunity to persons who had not paid full taxes in the past to come forward and declare the undisclosed income by paying 30% tax and 7.50% Surcharge & 7.50% as penalty totaling 45% of amount declared. The scheme shall be in force till 30th September 2016 and is open to all including Non Residents.
On this occasion Satish Goyal, Commissioner of Income Tax (Appeals) was invited as the Chief Guest. Goyal while urging the members to make full use of the Scheme highlighted that the biggest advantage of the scheme is that once an assessee declares income under this scheme, the declarent shall get immunity from penalty or prosecution proceedings under the Income tax Act – 1961 and the Wealth Tax Act 1957.
However the Commissioner also highlighted that the deadlines in respect this scheme should be adhered to strictly as failure to pay Tax (including Krishi Kalyan Cess) and Penalty before 30th November 2016, or any representation or suppression of facts or information will render the declaration void. He also said that while declaring the income under this scheme no deduction in respect of any expenditure shall be allowed against the income being declared. Goyal also narrated the ways through which such declaration can be filed which currently is being accepted through both online and offline mode.
Earlier Chairman CA. Swapnil Ghate in his welcome speech shared his happiness about the CA Day celebration and also requested the members and general public to take this scheme wholeheartedly. He also thanked the Income Tax Department for being co-operative and always available to solve the queries of assesses at all levels.
In the technical Session, CA. Rajesh Loya, Past Chairman of Nagpur Branch was Guest Speaker said that the scheme is about voluntary disclosure of untaxed income and acknowledgement of income tax liability by the assessee. Those who wish to file a declaration should first identify and list down the income on which taxes have not been paid. If any assets were acquired using such income, one should make a note of that too to be declared. He added that where the undisclosed income is easily accessible, one can simply put the amount. But if assets were acquired using this income, one has to disclose their fair market value (FMV) as on 1 June 2016. The tax has to be paid on the declared value of the assets. Loya also briefely mentioned about the guidelines to calculate FMV and also the details to be filled in Form – 1 of the Scheme. He in his deliberation also updated the members that not everyone is entitled to take benefit of the scheme. He mentioned all the persons who cannot adopt for disclosure under this Scheme.
CA. Umang Agrawal, Secretary co-ordinated proceedings and proposed formal vote of thanks thanking the Commissioner & the speaker for their efforts for making the general public aware about the Scheme.
Prominently present on the occasion were CA. Sandeep Jotwani, Vice Chairman, CA. Suren Duragkar, Treasurer,.CA. Kirit Kalyani, WICASA Chairman, CA. Saket Bagdia, CA. Sanjay Agrawal & CA. Jiten Saglani- Executive Committee Member, CA. Ajit Damle, CA. Manoj Loya, CA. V.P. Jaipurkar, CA. Jethalal Rukhiyana, CA. Satish Sarda, CA. Prateek Palan, CA. Vinod Hassani & more than 125 Chartered Accountants.