INCOME DECLARATION SCHEME
- Income Declaration Scheme rule on old cases clashes with I-T Act
A provision in the scheme allows the I-T department to go after evaders for undisclosed assets acquired well before six years. Today, tax officers, as per law, refrain from reopening assessment which are more than six years old. "The IDS changes this as it empowers assessing officers to revisit old matters. It is against the Income-tax Act and settled nature of tax assessment," said a tax official in Mumbai. The IDS provisions even legally do not over power existing 6 years limitation and FAQ issued in this regard is not main tenable as per jurisprudence.
- I-T dept identifies 90L non-PAN high-value deals sans PAN
The Income Tax department has identified 90 lakh high-value transactions carried out without quoting PAN, the Finance ministry said asking tax evaders to own up and come clean on such transactions.
- Tax and surcharge payable under section 184, and the penalty payable under section 185 in respect of undisclosed income can be paid:
- 25% by 30th November, 2016
- 25% by 31st March, 2017
- 50% by 30th September, 2017
A person having undisclosed income in the form of an investment in immovable property in the name of his spouse can declare the fair market value of the property in his own name if the funds for acquisition of the said property were provided by such person.