Careful India. Taxmen are watching – Declare your Income before 30 Sep 2016 under IDS 2016 to avoid any legal query

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Income Tax - IDS 2016 Kolkata Press Meet
Income Tax - IDS 2016 Kolkata Press Meet

Today at Income Tax Office of Kolkata Principal Commissioner of Income Tax , West Benagl & Sikkim addressed the Kolkata press to clear the motto of Income Declaration Scheme 2016 (IDS 2016).

He assured that those who will declare the assets and income under this scheme will have immunity against any future proceedings by the department.

But those who are taking this lightly will face a tougher law post 30th Sep 2016.

IDS 2016 - Income Tax
IDS 2016 – Income Tax

Other senior officials told that PM Modi has also said in Mann Ki Bath about this scheme and importance to declare such income.

People can apply either online or through the respective office before 30th Sep 2016. But those cases where notice has been issued before 1st June 2016 will not be entertained under this IDS 2016. It has to be followed the regular rules.

But income made through corruption can not be declared under this IDS 2016 scheme.

IDS 2016 will have 30% tax rate with 25% surcharge and 25% penalty on tax amount which makes it a total of 45% for the person declaring such income.

Principal Commissioner also told that tax raised with Krishi surcharge will help development of India also rescue any person from worries and tension.