Tag Archives: INCOME DECLARATION SCHEME 2016

Benefit of 2016 Income declaration scheme not available even if search proceedings under section 132 initiated after launching of scheme

By | May 16, 2017

Held In the taxing statutes, the Court has to be very slow in interpreting the statutes where intention of the legislature is to curb the evasion of tax. This is a peculiar case where the Government has granted the benefit under the scheme only to the persons who are not covered under Section 132 of… Read More »

Time period of property declared under Income Declaration Scheme 2016 -Rules Notified

By | December 1, 2016

MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION No. 108/2016- INCOME TAX New Delhi, the 29th November, 2016 G.S.R. 1100(E).—In exercise of the powers conferred by clause (ii) of Explanation 1 to clause (42A) of section 2, read with section 295 of the Income–tax Act, 1961 (43 of 1961), the Central… Read More »

Revised IDS 2016 declaration due to genuine Mistake : CBEC Clarify

By | November 16, 2016

Instruction No.12 of 2016 F.No.370142/8/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, the 11th November, 2016 To, All Principal Chief Commissioners of Income-tax Subject: – The Income Declaration Scheme, 2016 (the Scheme) -reg. Instances have been reported by the field authorities that… Read More »

CBDT committed to Strict Confidentiality of IDS 2016

By | October 3, 2016

CBDT committed to Strict Confidentiality under Income Declaration Scheme: 2016 While announcing the results of the Income Declaration Scheme 2016 on 1st October, 2016 at a press conference in Delhi, the Honourable Finance Minister Shri Arun Jaitley stressed that no break-up of these declarations on the basis of trades/cities/states shall be released in order to… Read More »

Rs.65250 crore declared under Income Declaration Scheme 2016

By | October 2, 2016

Income Declaration Scheme 2016 unearths Rs.65250 crore of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September, 2016             The Income Declaration Scheme, 2016 came into effect from 1st  June, 2016.  It provided an opportunity to persons who had not paid full taxes in the past to… Read More »

IDS 2016: Uploading of Form-1 filed manually -Facility enabled

By | October 1, 2016

F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 30th September, 2016 To, All Principal Chief Commissioners of Income-tax Sub.: Uploading of Form-1 filed under the Income Declaration Scheme, 2016 – reg. CBDT Instruction No.10 of 2016 dated 28.09.2016 provides that in cases where the… Read More »

IDS- CBDT clarified Cash sale of Capital Assets before 01.06.2016

By | September 28, 2016

Instruction No.9 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 27th September, 2016 To, All The Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Instances have been brought to the notice of the Board that some taxpayers… Read More »

IDS 2016 : Clarification on declaration on identical issue which is pending assessment under section 143(3)/147

By | September 22, 2016

F. No. 282/227/2016-IT(Inv-.V)/26/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Investigation Division) New Delhi, dated 21st September, 2016 Order under section 119 of the Income-tax Act, 1961 Circular No.17 of 2016 dated 20.05.2016 relating to the Income Declaration Scheme, 2016 (the Scheme) clarifies that a person shall be eligible to make declaration… Read More »

IDS 2016 -All Circulars/FAQ/Notifications issued by CBDT at one Place

By | September 17, 2016

Income Declaration Scheme 2016 (IDS 2016) Latest Books on Income Declaration Scheme 2016 (IDS 2016) CBDT had issued the following Scheme and Rule in theIncome Tax  Act on Income Declaration Scheme 2016 (IDS 2016) :- Income Declaration Scheme 2016 -Chapter IX of Finance Act 2016 Income Declaration Scheme 2016 Explanatory notes [Circular No. 16 of 2016, F.No.370142/8/2016-TPL, Dated 20.05.2016] Income Declaration Scheme Rules… Read More »

Income Declaration Scheme 2016 -Chapter IX of Finance Act 2016

By | September 17, 2016

CHAPTER IX OF THE FINANCE ACT, 2016 THE INCOME DECLARATION SCHEME, 2016 Short title and commencement. 181. (1) This Scheme may be called the Income Declaration Scheme, 2016. (2) It shall come into force on the 1st day of June, 2016. Definitions. 182. In this Scheme, unless the context otherwise requires,— (a) “declarant” means a… Read More »

Book on Income Declaration Scheme 2016 [Taxmann Aug 2016]

By | September 11, 2016

Your Queries on Income Declaration Scheme 2016 (IDS) (English) BUY Specifications of Your Queries on Income Declaration Scheme 2016 (IDS) (English) (Paperback, N, A) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9386189089 Edition 2016 Publication Year 2016 Language English ISBN-13 9789386189080 Binding Paperback

5th FAQ on Income Declaration Scheme 2016

By | August 29, 2016

INCOME DECLARATION SCHEME, 2016 – CLARIFICATIONS ISSUED TO FURTHER QUERIES RECEIVED FROM PUBLIC RELATING TO SAID SCHEME CIRCULAR NO.29 OF 2016 [F.NO.142/8/2016-TPL], DATED 18-8-2016 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… Read More »

CBDT notify revised form for Declaration under Income Declaration Scheme

By | August 14, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th August, 2016 S.O. 2705(E).— 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… Read More »

Presentation on Income Declaration Scheme 2016

By | July 18, 2016

Income Declaration Scheme 2016 Observation of Hon’ble Finance Minister as per Finance Bill 2016 (cl 159 & 160) “We are moving towards a lower tax regime with non-litigious approach. Thus, while compliant taxpayers can expect a supportive interface with the department, tax evasion will be countered strongly. Capability of the tax department to detect tax… Read More »

4th FAQ on Income Declaration Scheme 2016 by CBDT

By | July 14, 2016

Circular No. 27 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 14th day of July, 2016 Clarifications 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… Read More »

Income Declaration Scheme – Govt revises Time Schedule for Payments

By | July 14, 2016

Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments under the Scheme During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty… Read More »

100% entry of IDS Form 1 received in paper format by PCIT/CIT

By | July 11, 2016

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. 1/20/CIT(OSD)/efiling/Electronic Verification/2013-14 Dated: 11/07/2016 To The Principal Chief Commissioners of Income-tax/ CCsIT (By Name) The Principal Commissioner of Income-tax/CsIT/CsIT(CO) (By Name) Sir/Madam Subject: Ensuring 100% data entry of IDS Form 1 received in paper format by PCIT/CIT- reg.… Read More »

Govt notified Secrecy to be maintained under Income Declaration Scheme 2016

By | July 11, 2016

MINISTRY OF FINANCE (Department of Revenue) ORDER New Delhi, the 6th July, 2016 S. O. 2322(E).— In exercise of the powers conferred by sub-section (2) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government having regard to all the relevant factors, hereby directs that no public servant shall produce before… Read More »

Income Declaration Scheme: Govt. assures complete confidentiality

By | July 2, 2016

Income Declaration Scheme: Government assures complete confidentiality Scheme not be extended beyond September 30 : Revenue Secretary  The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.  Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said  “no source will be… Read More »

Income Declaration Scheme 2016 Clarification by CBDT via FAQ

By | June 28, 2016

Circular No. 24 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 27th of June, 2016 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… Read More »

ICAI website for help on Income Declaration Scheme 2016

By | June 21, 2016

Income Declaration scheme 2016 The Institute of Chartered Accountants of India has started a new website  http://idshelpline.icai.org/ to help on Income Declaration scheme 2016 You can also post your Query on Income Declaration scheme 2016 Related Post Form 1 efiling steps -Income declaration scheme 2016 Form for Declaration under Income Declaration Scheme 2016 Income Declaration Scheme 2016 analysis… Read More »

Form 1 efiling steps -Income declaration scheme 2016

By | June 9, 2016

Form 1  for Income declaration scheme Introduction As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filed using Form for Income Disclosure – Form 1. As per Notification No. 33/2016, the other Forms accompanying Form for Income Disclosure – Form 1 are Form 2, Form 3 and Form 4. Form 2… Read More »

Corrigendum to Income Tax Notification No. 33/2016

By | June 7, 2016

Corrigendum to Income Tax Notification No. 33/2016 MINISTRY OF FINANCE (Department of Revenue) CORRIGENDUM Notification No. 44/2016- Income Tax New Delhi, the 2nd June, 2016 THE INCOME DECLARATION SCHEME, 2016 S.O. 1950(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 33/2016, dated the 19th… Read More »

Form for Declaration under Income Declaration Scheme 2016

By | June 2, 2016

Form for Declaration under Income Declaration Scheme 2016 Form 1 for  Declaration under Income Declaration Scheme 2016 Note : Form 1 is available for e-Filing. To download Form 1, go to www.incometaxindiaefiling.gov.in Downloads -> Forms (Other than ITR) -> Form1. As per Income Declaration Scheme, 2016, the declaration of undisclosed income is to be filled in… Read More »

Income Declaration 2016 , Declaration & Tax Payment Date Notified

By | May 20, 2016

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 19th May, 2016 NOTIFICATION S.O. 1830(E)- In exercise of the powers conferred by section 183, section 187 and section 190 of the Finance Act, 2016 (28 of 2016),… Read More »

Income Declaration Scheme 2016 Explanatory notes

By | May 20, 2016

Circular No. 16 of 2016 F.No.370142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 20th May, 2016 EXPLANATORY NOTES ON PROVISIONS OF THE INCOME DECLARATION SCHEME, 2016 AS PROVIDED IN CHAPTER IX OF THE FINANCE ACT, 2016 Introduction The Income Declaration Scheme, 2016 (referred to here… Read More »

FAQ’s on Income Declaration Scheme 2016

By | May 20, 2016

Circular No.17 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 20th of May, 2016 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… Read More »

FAQs relating to The Income Declaration Scheme 2016 uploaded

By | May 20, 2016

Frequently Asked Questions (FAQs) relating to ‘The Income Declaration Scheme 2016’ specifying details of the scheme and clarifying eligibility available under the same uploaded on www.incometaxindia.gov.in The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act, 2016 is to come into force with effect from the 1st of June, 2016. The complete… Read More »

Income Declaration Scheme 2016 to open from 1st June 2016

By | May 15, 2016

The Income Declaration Scheme 2016 to open from 1st June 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). Under the Scheme, such income as declared… Read More »