The Commissioner of Income Tax has requested those persons who have not correctly declared their income in the earlier years to use the Income Declaration Scheme.
Under the scheme, such income as declared by the eligible persons would be taxed at the rate of 30 per cent along with a ‘Krishi Kalyan Cess’ of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the tax payable.
A total of 45 per cent would be taxed from the income declared under the scheme said a press release.
The scheme would be open for a period of four months from June 1 to September 30 for filing of declarations and payments towards taxes, surcharge and penalty.
The income declarations could be filed online or with the local Commissioner of Income-tax.
