Hyderabad: The Central Board of Direct Taxes has said there would be no extension of the September 30 deadline for the Income Declaration Scheme.
Stating this, Mr S.K. Sahai, member (income-tax), said those who fail to utilise the scheme would face “heavy repercussions” if they are caught with undeclared income after the deadline.
He was speaking at the awareness programme on the IDS conducted by The Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry.
He said the IDS was a good opportunity for anyone who was not under, or was partially under, the tax net to come clean and declare income or assets. Only 45 per cent would be payable as tax, he said.
He said those who declare income under this scheme need not worry about collateral damage as the source from whom they bought the assets would not be probed. The IT department would not question the valuation of the assets and most importantly the data of those who declare income will be kept confidential.
Mr Sahai said the department’s ‘Project Insight’, which would use techniques like data mining, data analytics and electronic tracking of financial investments and returns of individuals, would make tax evasion very tough.
FTAPCCI president Ravindra Modi said, “One qualm which some people have is that the date for valuation for declared assets has been set as June 1, 2016, rather than the date when the asset was bought.”...