Today the NDA Government’s income declaration scheme is getting closed. The Government opened a window for black money hoarders so that they get a get chance to declare their ill-gotten wealth and become clean. It was a nice initiative taken by the Government and those people who still have not used this service should use it by today only or they will get this opportunity again.
To give one more chance to people with il-wealth NDA has increased the working hours today for the Central Board of Direct Taxes so that maximum number of people can be benefited from this scheme today. Today all Income Tax Department offices will be opened till 8PM all over India.
What is this scheme?
This scheme was launched by the NDA Government on 1st June 2016 and it came into effect for the period of 4 months. It was aimed to bring back out the black money circulating in the domestic economy. Under this scheme if someone declares his black money and assets then their un-taxed wealth under the scheme can make their payment as follows:
A minimum of 25% of the tax has to be paid with surcharge and penalty by 30th November.
Further amount of 25% of the tax, surcharge and penalty to be paid by 31st March 2017.
And the balance amount to be paid on or before 30th September 2017.
The Government has taken the decision to extend the timings till 8PM by considering the practical difficulties of the stakeholders who feared that they may have to resort to distress sale of assets.
It is also estimated by the Government agency that they may collect taxes worth Rs 50,000 crore and declaration of Rs lakh crore which is big amount. Also the Government is planning to take action against those who have evaded tax or those people who do not declare their deposits and assets under the IDS would be100% to300%. The offenders may also be jailed from 3 months to 7 years as it depends on the severity of the fault and laxity.
The best part of this scheme is that the Government has assured people that the declared information under the scheme would be kept secret and confidential and it will not be shared with any authority.