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Seminar on Income Declaration Scheme 2016 on July 18

Thu, Jul 14, 2016, 08:07 PM
Hyderabad, July 14: Principal Commissioner of Income Tax-I, Hyderabad Income Tax Department and Tax Bar Association of TS and AP will hold jointly “A Seminar on Income Declaration Scheme 2016” as announced by the Union Government recently.

The Seminar to be held on July 18 at 3.30 pm at Hotel Taj Banjara will be graced among others by 200 highest tax payers of the Range-1, Hyd and members of Tax Bar. The Seminar will be addressed by Sushil Khumar, IRS, Pr. CIT-1, Hyd; Murali Krishna, IRS, Pr.CIT-2, Hyd; P.V. Rao, IRS, Pr. CIT (Central), Hyd; S. Venkateshwarlu, IRS, Pr. CIT-3, Hyd; K. Sridhar, IRS, Pr. CIT 5, Hyd and Amisha Gupta, IRS, Addl. Commissioner of Income Tax, Range-1, Hyd will also grace the occasion. Those who desire to know more about the same are invited to attend the seminar.

It is an awareness drive about Union Government’s one-time opportunity to declare undisclosed income/assets. The public, willing to declare their undisclosed income – movable or immovable – may do so before the end of September. Online filing of the same is also available and accepted for declaration purpose. The officials clarified that the declarants need not have any apprehension about the voluntary disclosure. They underlined that it was a golden opportunity and urged people to utilize the opportunity. This scheme is effective between June and September 2016.

The “Income Declaration Scheme-2016” – would not only help in nation building, but also facilitate people to be tax compliant by rectifying their mistakes, if any, in the past. The income declaration scheme would be open till September and the declarant shall remit the one-time penalty along with the tax component of 45 per cent

Earlier once similar scheme was announced by the Department in the year 1997. Now after so many years, this opportunity is given once again. The department has urged people to utilize the same.

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