New Delhi: Senior CBDT officials will hold an online ‘talkathon’ tomorrow to create awareness about the four-month window beginning June 1 for declaring domestic black money.
“Talkathon on Income Declaration Scheme on 31st May, 2016 at 7.00 PM. CBDT Members to answer questions asked on #AskOnIncomeDisclosure,” the department said in a tweet today. CBDT Members Rani S Nair and S K Sahai will answer the questions in this regard and the chat session will be hosted by the Information and Broadcasting Ministry on its Twitter handle ‘MIB_India’.
The scheme will be on till September 30 and the Central Board of Direct Taxes had earlier said declarants will enjoy immunity from scrutiny or inquiry under the now-scrapped Wealth Tax Act, IT Act and Benami Transactions Act (subject to certain conditions).
The fair market value of the asset declared, will be as on June 1, 2016 deemed to be the undisclosed income. “Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30 per cent plus a ‘Krishi Kalyan Cess’ of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable, thereby totalling to 45 per cent of the income declared under the scheme,” the Finance Ministry had earlier said.
These taxes have to be paid by November 30. The scheme was announced by the government with an aim to fish out black money from the domestic economy.
Earlier, the government had come out with similar scheme for Indians holding undisclosed income abroad. The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier, the Ministry said.
The declarations under Income Declaration Scheme can be made either on the official e-filing website of the IT department or before various regional Principal Commissioners of IT.