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Black money news: Unaccounted wealth can be revealed till today

Black money news: Unaccounted wealth can be revealed till today

New Delhi: Today is the final day for making declaration of unaccounted wealth under the Income Disclosure Scheme & declarations can be made online also in printed copies in prescribed form till Friday (Sept 30) midnight. Those disclosing assets under the IDS will have to pay 45 % tax with penalty. The payments can be made in three instalments before September 2017. The first instalment of 25 % under the plan will have to be paid by November this year followed by another instalment of 25 % by 31st March next year. The remaining amount will have to be paid by September, 2017. People with undisclosed assets can skip prosecution by coming clean under the Scheme. The scheme was announced by the govt in June this year with an aim to bring out black money from the domestic...
Black money consent: I-T dept to accept notification without PAN

Black money consent: I-T dept to accept notification without PAN

New Delhi: The Income-Tax department has been conducted to accept declarations without PAN under the black money compliance window, but confirm that the unique number is later obtained by the entity concerned. The Central Board of Direct Taxes (CBDT) has asked tax investigator to ask such declarants to attach a separate application in the Income Declaration Scheme (IDS) form for assignment of a new Permanent Account Number (PAN) to them quickly. The decision was reported by CBDT today as some field offices lead to its notice that they were encountering “few cases” where an entity wanted to make a notification of black money under IDS, but had no PAN. PAN is mandatory for a valid declaration under the IDS. It is a ten-digit A/N number issued in the form of a laminated card by the I-T department to any individual, firm or institution. The issue (non possession of PAN) has been scanned. It has been decided that in such cases, a declaration under the programme can be filed manually before the jurisdictional Principal Commissioner/Commissioner by quoting the date & acknowledgment number of PAN application form. The Principal Commissioners/Commissioners are directed to accept such declarations,” the CBDT, policy-making frame of the Income Tax department, said. Though, it added that an official acknowledgment of receiving a legal declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or...
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