Posted On:  9 months ago


Deposited Cash from 9 Nov to 31 Dec 2016 and received Notice ? Read FAQ

The basic information required is: PAN, Full Name, Date of birth/incorporation, communication address, valid e-mail id, mobile number and digital signature certificate (if applicable). For persons other than individuals, in addition to the above mentioned information, PAN details and contact details of the principal contact are required.

article author One Roof Consultant

Posted On:  10 months ago


If tax payment made before due date but credited late then IDS 2016 is not invalid

Representations have been received from field authorities and stakeholders that there has been delay in payment of 1st instalment of tax, surcharge and penalty under the Income Declaration Scheme (the Scheme) in some cases owing to some technical errors in the system, non-deposit of cheque by collecting banks, payment made by filling wrong challan etc.

article author One Roof Consultant

Posted On:  1 year ago


The Income Declaration Scheme, 2016 – Notice issued on or before 31.05.2016 but assessment completed- Eligibility?

The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations upto 30.09.2016. Vide Circular No.16 of 2016 dated 20.05.2016; it was clarified that a person will not be eligible to file declaration under the Scheme for the assessment year(s) in respect of which a notice under section 142(1)/143(2)/148/153A/153C has been served upon him on or before 31.05.2016.

article author One Roof Consultant

Posted On:  1 year ago


IDS 2016 receipt counter to remain open on 30.09.2016 till midnight

The last date for making declaration under the Income Declaration Scheme (I.D.S.), 2016 is 30th September, 2016 and hence the declarations can be filed till the midnight of that day. In order to facilitate the filing of declarations even after the office hours, the Pr. CCs. I.T is instructed to ensure that the counters

article author One Roof Consultant

Posted On:  1 year ago


How failure to disclose your undisclosed income under Income Declaration Scheme may give power to AO to reopen assessment of last 50 years u/s 197(c)

Under Income Declaration Scheme every person, (Individual, Partnership Company, Trust, etc.) can declare undisclosed income pertains to AY 1962-63 onwards and pay tax @ 45% and be assured of secrecy and immunity form penalty and prosecution

article author CA Chirag Chauhan

Posted On:  1 year ago


CBDT Extends due date for filing of Income Tax Returns

The due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th September of the following year. The tax payers whose business receipts exceed Rupees One Crore or professional

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme, 2016 – Acceptance of Cash over the Counter

Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all their customers who desire to deposit cash at the counters. Further, they were also advised to refrain from incorporating clauses, in the terms and conditions, which restrict deposit of cash over the counters

article author One Roof Consultant

Posted On:  1 year ago


The IDS'2016- CBDT clarifies that no enquiry or investigation in respect of assets declared found during the course of Search u/s 132

The IDS'2016- CBDT clarifies that no enquiry or investigation in respect of assets /income declared which were found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961. The Income Declaration Scheme, 2016 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

article author PANKAJ KUMAR SHARMA

Posted On:  1 year ago


IDS 2016- Reg. Fair market value of immovable property

In exercise of the powers conferred by sub-section (1) and subsection (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme 2016- Revised deceleration enabled under the Scheme

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

article author One Roof Consultant

Posted On:  1 year ago


Additional FAQ’s on the Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three sets of FAQs vide Circular Nos. 17, 24 & 25 of 2016. In order to address further queries received from the public relating to the Scheme, following clarifications are issued.

article author One Roof Consultant

Posted On:  1 year ago


Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., www.incometaxindia.gov.in later today.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Declaration Scheme – Effective Tax Rate is 31% or 45% - an overview

Individuals who are going to take advantage of Income Declaration Scheme are recently asking questions about effective tax rate on income declared. The issue has come to highlight when a leading business newspaper has covered a headline story stating effective rate is 31% instead of 45%.

article author CA Chirag Chauhan

Posted On:  1 year ago


Clarifications on the Income Declaration Scheme, 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 penalty totalling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the IDS Rules’) have been notified. In this regard, Circular No. 17 of 2016 dated 20th May, 2016 and Circular No. 24 of 2016 dated 27th June, 2016 issued by the Board provided clarifications to 14 and 11 queries respectively. Subsequently, further queries have been received from the public about various provisions of the Scheme. The Board has considered the same and the following clarifications are issued

article author Satheesh TG

Posted On:  1 year ago


Income Declaration Scheme - Certain Facts

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 penalty totaling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified. In this regard, Circular No. 17 of 2016 dated 20th May, 2016 issued by the Board provided clarifications to 14 queries. Subsequently, further queries have be

article author Satheesh TG

Posted On:  1 year ago


Changes in Income Tax Provisions Wef. 01.06.2016

Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) Amendments relating to TDS and TCS Expenses incurred by the assessee towards specified services to be covered under section 40(a)(ib) [W.e.f. 1-6-2016] Enabling of Filing of Form 15G/15H for rental payments [Section 197A]  [1-6- 2016 Relief to a non-resident for furnishing PAN [Section 206AA] Amendment to section 133C Income Declaration Scheme 2016 - This scheme will be effective from 1 June 2016 (already notified) The Direct Tax Dispute Resolution Scheme, 2016

article author Soniya Agarwal

Posted On:  1 year ago


Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

Features and Step wise process - Income Declaration Scheme 2016 The Income Tax Department has come up with the Income Declaration Scheme 2016 which gives chance to Individual to come clean and declare their undisclosed investment, income, assets. The Center government has announce the scheme in Budget 2016. The Scheme Requires investment to be revalued as on 1 June 2016 and tax is to paid on fair market value of such assets which may not sound positive for declarants as assets have to be revalued. However confidentiality of declarant and immunity for prosecution, is very positive for declarant. In case the black money is not disclosed in this scheme and the undisclosed income will be liable to pay 300% of Penalty, interest , etc and also tax payer will be prosecuted. So to avoid such circumstances the scheme can be utilized to disclose black income and come clean. The Article introduce with feature and process of the scheme.

article author CA Chirag Chauhan

Posted On:  1 year ago


The Income Declaration Scheme Rules 2016

The Income Declaration Scheme Rules, 2016 as Notifed by CBDT which shall come into force from shall come into force on the 1st day of June, 2016

article author CA Chirag Chauhan

Posted On:  2 years ago


Declare Undisclosed Income Pay 45% as Tax from June 2016 to Sep 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

article author CA Chirag Chauhan

Posted On:  2 years ago


Union Budget 2016-17 - An Analysis

Dear Reader, The Finance Minister in his Budget presented to the Parliament today has aimed at giving fillip to growth and promoting the new age industries. Please find enclosed herewith our Tax Bulletin analyzing the direct tax proposals as stated in the Budget. Trust you will find it an interesting read.

article author Vispi T. Patel