Taxpayers should take advantage of income declaration scheme

KOLKATA: "The taxpayers should take benefit of Income Declaration Scheme which has started form 1 st June, 2016 and shall continue till 30th September," said N N Mishra, Principal Commissioner of Income Tax, Kolkata. He was addressing a seminar on Wednesday at Bhowanipore Education Society to create awareness with regard to the scheme.

Property held benami may also be declared under the scheme if the benami holder transfers the property in favour of real owner who has paid the cost of such property, he added.

Narayan Jain, advocate and national vice president,

All India Federation of Tax Practitioners

pointed out that in case undisclosed income is in the form of immovable property, jewellery or any other asset then the fair market value of such asset as on June 1, 2016 will be considered and aggregate tax of 45 per cent will be payable under the scheme.

Harsh action may be taken under section 197 of the Finance act, 2016 against those who have undisclosed assets and fail to declare the same under the present scheme.

S Venkatramani, Joint Commissioner of IT along with deputy commissioner of IT Kapil Mandal also spoke at the seminar.