Thursday, 30 June 2016

Income Declaration Scheme 2016 Application Form & Rules PDF


Income Declaration Scheme 2016

The Income Declaration Scheme 2016 has been framed
under Chapter IX of the Finance Act 2016. As per Circular No. 16/2016, scheme received the assent of the President on 14-05-2016The scheme shall come into force on 01-06-2016. It comprises sections 181 to 199 of Finance Act 2016. In this article an attempt has been made to consolidate the entire law published till date on the Scheme. The Income Declaration Scheme, 2016 incorporated in Chapter IX of the Finance Act 2016 provides an opportunity for those who are not adequately informed prior years' losses to come forward and declare income (s) undisclosed.

Under this scheme, these revenues as reported by eligible persons would be taxed at 30% plus one "Krishi Kalyan Cess' 25% in the fees payable and a penalty at the rate of 25% in income taxes payable, thus totaling 45% of the income declared under the scheme.

Similar to the one-time tax compliance scheme under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘BMA’), IDS is a step taken by the Indian Government to allow a short window of opportunity to declare undisclosed income and assets.

The IDS has been introduced to provide the taxpayers with an opportunity to come clean and declare any undisclosed income (on which tax was not paid) and assets acquired from such income by paying prescribed tax, surcharge and penalty

The system offers the possibility to people who have not paid full taxes in the past to come forward and declare undisclosed income and pay taxes, payment is worth a total of forty-five percent of these undisclosed income declared.

However, if a person makes the declaration of income not subject to tax under the Tax Act on income, for example, a person who made the statement regarding the receipt of capital or exempt income, this statement should not be the responsibility of the income scheme, but under Article 191 of the tax plan and surcharge paid u / s 184 or penalty paid u / s 183 is non-refundable.

However, if a single tax or surcharge, where section 191 is to operate is not clear plan is paid.

Tax , Surcharge and Penalty under the Scheme

Tax
30% of Undisclosed Income [184(1)]
Surcharge= Krishi Kalyan Cess
25% of Tax =7.5% of Undisclosed Income [184(2)]
Penalty
25% of Tax =7.5% of Undisclosed Income [185]
Total
45% of Undisclosed Income

Important Dates:

Action required
Form
Timelines
Date from which declarations can be made
1
1 June 2016
Last date for making declaration
1
30 September 2016
Last date for paying tax, surcharge and penalty
NA
30 November 2016
Issue of acknowledgement to the declarant
2
Within 15 days from end of the  month in which declaration is made
Furnishing of proof of payment to the jurisdictional Principal Commissioner / Commissioner (‘Authority’)
3
No timeline specified
Authority to issue certificate for accepted declaration
4
Within 15 days of submission of proof of payment by the declarant
Transferring an asset by a benamidar to the declarant or his legal representative
NA
On or before 30 September 2017


Note: Please check the official notification for more information


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