The scheme was announced by Finance Minister Arun Jaitley in the 2016 Union Budget with an aim to fish out black money from the domestic economy.
Earlier, the government had come out with similar scheme for Indian holding undisclosed income abroad.
Salient features of the scheme:
-Scheme to apply to undisclosed income in form of assets or otherwise pertaining to FY 2015-16 for earlier years.
-Fair market value of the asset as on 1.6.2016 deemed to be the undisclosed income
-Tax, surcharge and penalty are payable at 45% of the income declared under the scheme.
Immunity:
-The assets declared will be exempt from Wealth Tax
-No scrutiny under Income Tax Act/ Wealth Tax act in respect to such declarations
-Immunity from prosecution under Income Tax Act/ Wealth TAx Act.
-Immunity from Benaami transactions (Prohibition) Act 1988, subject to certain conditions
Compliance Window
-Declaratiion to made from June 1 2016 to 30th Septemeber 2016
-Tax, surcharge & penalty to be paid by 30th November 2016.
Mode of making declaration:
-Either online or to jurisdictional Pr. Commissioner/ Commisioner of I-T
The Income Tax department on Thursday June 02,2016 notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
"While in Form 1 the details of assets to be declared under the IDS is to be provided, Form 2 is the acknowledgement for the same that will be issued by the jurisdictional Principal Commissioner of Income Tax to such a person. Form 3 and 4 pertain to payment of taxes and penalty on these funds," a senior IT official said.
The forms have been uploaded on the e-filing portal of the department - http://incometaxindiaefiling.gov.in/.
Income Tax Department Notifies Four New Forms Under Domestic Black Money Window
The Income Tax department on Thursday June 02,2016 notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
"While in Form 1 the details of assets to be declared under the IDS is to be provided, Form 2 is the acknowledgement for the same that will be issued by the jurisdictional Principal Commissioner of Income Tax to such a person. Form 3 and 4 pertain to payment of taxes and penalty on these funds," a senior IT official said.
The forms have been uploaded on the e-filing portal of the department - http://incometaxindiaefiling.gov.in/.
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