Kolkata: Response to the four-month long Income Declaration Scheme, which opened from June 1, has been very encouraging in the state so far, an official of the Income Tax department has said.
“The response to the scheme is very encouraging. We hope people will take advantage of the scheme and declare their undeclared income or face harsh measures,” Principal Commissioner of Income Tax (West Bengal and Sikkim) A A Shanker said today.
The four-month disclosure window gives an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on such assets.
People who have made money through corrupt means will not be allowed to take advantage of the disclosure window. Persons willing to declare would have to pay a tax of 45 per cent, which included 15 per cent cess, he told reporters here.
He said the three distinguishing features of the scheme were that no inquiry would be made about the source of income, confidentiality would be maintained and no limit of time for the past.
The scheme, which closes on September 30, 2016, would be unavailable to those who declined to avail of it and would be both imposed huge penalty and prosecuted. The IT department were aware of the persons having PAN card but were not paying taxes, he said. The IT official said this was not an amnesty or a discloure scheme