Income Tax dept to raid those who fail to declare undisclosed incomes
Hyderabad: Principal commissioner of income-tax, Mr Susheel Kumar, said on Monday said that the department would conduct unlimited raids on those who did not declare undisclosed incomes before September 30, 2016.
Speaking at a seminar on Income Declaration Scheme – 2016 with the Tax Bar Association of TS and AP, Mr Kumar said that a similar offer (VDIS) had been made by the Union government in 1997.
“The Union government has given a chance to declare undisclosed amounts under the Finance Act, 2016. The I-T department will give a chance to pay 45 per cent of tax in three installments — 25 per cent by November 30, another 25 per cent by March 1, 2017 and the remaining 50 per cent by September 30, 2017,” he said. He added that the 45 per cent of tax included 7.5 per cent surcharge and 7.5 per cent Krishi Kalyan Cess.
“The government has already extended the cutoff date and last date. It will not extend the date any more. We have sophisticated technology to identify culprits who are holding undisclosed amounts. We shall hold ‘n’ number of raids on the respondents after the last date,” he said.
Principal commissioner - 2, Mr B. Murali Krishna, said that the details of those who declared their assets would be kept secret. “Even the assesses in our office will not know the details except for the respective principal commissioner. We shall send the details of undisclosed amounts but not the names,” he said.
He added that the I-T department was only accepting undisclosed amounts earned legally. “We do not accept applications from smugglers, those who are booked under Prevention of Corruption Act, amounts against Security Act etc.,” he said.
Responding to a question asked by DC, Mr Krishna said persons, industries and firms had been approaching I-T offices to verify the scheme. “As per the norms, we do not disclose the details of any person who has already declared undisclosed assets. The response is good,” he said.
Principal commissioners of I-T Mr S. Venkateswarlu, Mr K. Sridhar, Mr P.V. Rao, additional commissioner of IT Ms Amisha Gupt and others took part in the seminar.
