Black Money Window: Income Tax Dept Creates Special Tab on Website

The four-month Income Declaration Scheme got operational on 1 June and will be in force till 30 September.

Published28 Jun 2016, 10:04 PM IST
India
1 min read

The Income Tax (IT) department has created a special zone on its official website to showcase country-wide activities being done by it to popularise the one-time black money compliance window that will complete its first month in operation soon.

A ‘dashboard’ has been hosted on the official web portal of the department and it chronicles all activities initiated by the department, the Central Board of Direct Taxes and the Finance Ministry to make the Income Declaration Scheme (IDS) successful.

The four-month IDS got operational on 1 June and will be in force till 30 September. The declarant will have to pay a total of 45 percent in tax and penalty by November this year and the government has ensured that such entities will have immunity from prosecution.

The IDS was announced by the government with an aim to flush out black money from the domestic economy. It will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.

Declarations under IDS can either be made online on the official e-filing website of the tax department or before various regional Principal Commissioners of IT department.

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