S. K. Sahai, member, Central Board of Direct Taxes (CBDT) warned serious action for not disclosing income and paying tax after the expiry of the government’s Income Declaration. The scheme ends September 30.
Mr. Sahai was interacting with business persons at a meeting organized by Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) here on Saturday.
He said the government will not extend the deadline of the scheme and would come down hard on entities that do not declare income. He said the scheme is the last chance to ensure a clean income tax record.
ADVERTISEMENT
Stressing the need to contribute to the country’s GDP, Mr. Sahai said,
“The Black Money Act is already active and vigilance department is observing taxable non-tax payers every minute,” he said.
Under the IDS-2016 scheme, tax-payers are required to disclose any undisclosed sources of income and pay about 45 % of the undisclosed income as tax.
ADVERTISEMENT
No liability
A.K. Srivastava, Principal Chief Commissioner of Income Tax, seconded Mr. Sahai and said the scheme should be utilized by all who have failed to declare all their sources of income. The taxmen also assured that the tax-payer faces no liability under the scheme for not disclosing income in the past.