Nagpur: A workshop on Income Declaration Scheme 2016 was organisd Jointly by TEAM CAIT, Nagpur & Income Tax Department Range-I, Nagpur. Welcoming the guest Kishor Dharashivkar, President TEAM CAIT Nagpur said that CAIT is always working as a bridge between Govt. Department & Traders. Explaining the provisions of the scheme Amol Khairnar, Joint Commissioner of Income Tax Circle-1, Nagpur said Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totaling to 45% of the income declared under the scheme.
The scheme shall remain in force for a period of 4 months from 1st June,2016 to 30th September 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016 . Declarations can be filed online or with the jurisdictional Pr. Commissioner of Income Tax across the country.
- The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.
- Where the declaration is in the form of investment in assets, the Fair Market Value of such asset as on 1st June 2016 shall be deemed to the undisclosed income under the scheme. However, foreign assets or income to which the Black Money Act 2015 applies are not eligible for declaration under this scheme.
- Assets specified in the declaration shall be exempt from Wealth Tax.
- No Scrutiny and enquiry under the Income Tax Act or the Wealth Tax shall be undertaken in respect of such declarations.
- Immunity from prosecution under the Income Tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules.
- Non payment of total taxes, surcharges and penalty in time or declaration by misrepresentation or suppression of facts shall render the declaration void.
- The circumstances in which the scheme shall not apply or where a person is held to be ineligible are are specified in section 196 (Chapter IX) of the Finance Act, 2016.
- Non declaration of undisclosed income under the scheme, will render such undisclosed income liable to tax in the previous year in which it is detected by the Income Tax Department. Other penal consequences will also follow accordingly.
After the presentation on scheme Khairnar answered to queries raised by those present. Summing up the proceeding B.C. Bhartia National President appealed the traders to take benefit of the scheme & utilized their unaccounted money in progress of country. Asha Pandey president TEAM CAIT Ladies Wing proposed Vote of Thanks. The proceeding was conducted by Nikhilesh Thakar Organize Secretary TEAM CAIT Nagpur. Those who were present were Devendra Kumar ITO, M. Raghunandan ITO, Akash Guru ITO, Anjan Kaumr ITO, Arvind Kayanda ITO. Arjundas Ahuja V. President NVCC, Madhusudan Sarda of Bardana Association, CA Vijay Agrawal, Mohan Patel, Aasandas Balwani, Rajkumar Gupta, Ravi Gupta, Madhusudan Trivedi, Prakash Jais, Ramesh Umate, Adv. N.J.Thakar, Manoj Lunawat, Rakesh Gupta, Omkareshwar Gurav, Jagdish Kashyap, Rajkumar Bhagtani, Sumit Tajpuriya, Sumit Darak, Hardik Shah, Bhaskar Naidu, Unnat Khanna, Talewar, Kalyani Buti, Payal Karole, Jyoti Awasthi, Archna Ratogi, Samisha Gaharwar, Kalyani Manekar, Snehil Verma, Sangeeta Khandelwal etc.