Income Disclosure Scheme News

Offering the last chance to black money holders, the Centre, has unveiled a new scheme under which those with undisclosed income and assets located in India can come clean by paying a tax of around 50 percent.

The government on Tuesday allowed declarants to make deposits on one or more occasions in Pradhan Mantri Garib Kalyan Deposit Scheme(PMGKDS), 2016.

The much-awaited Union Budget for 2017-18 is expected to bring in some major changes to the tax framework for individuals and corporates following the demonetisation measure, a rating agency said on Monday.

The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme PMGKY, a move that comes amidst the Income Tax department uncovering anomalies post demonetisation.

This income disclosure scheme, which is seen as the last attempt to by the government to curb the black money inflow in the system, rolls out from Saturday and end on March 31, 2016. 

The government has tightened noose on black money holders and is planning to apply technology like data analytics and data mining to sift accounts that are trying to covert their black money into White,  even though it announced one last chance, on Friday, to come clean on the unaccounted wealth.

With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.

As the four-month campaign draws to a close this week, there looks to be few takers despite a high-profile warning that this is the last chance for tax dodgers to come clean.

People with undisclosed assets can escape prosecution by coming clean under the Income Disclosure Scheme (IDS).

With just four weeks remaining for the black-money disclosure scheme to close, the government has given declarants an option to declare their undisclosed income through electronic filing rather than physical presentation of documents.

 The government is not considering any proposal to extend the September 30 deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), a minister told Lok Sabha on Friday.

The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30.

Asking people to come clean on unaccounted wealth and live with "heads held high", Finance Minister Arun Jaitley on Saturday said government is aware of sectors generating black money but it would be unpleasant to start the "big brother watching" process.

Tax authorities plan to seek details from various entities against whom there is specific information of having undisclosed assets, as part of the domestic black money disclosure scheme.