BK Raina, Income Tax Officer (ITO), Samba along with his team visits Bari Brahmana Industries Association (BBIA)Bhawan today and interacted with its members. During the course of discussions Raina described the launch of new Income Tax Declaration Scheme by Income Tax Department.
While welcoming Raina, Lalit Mahajan, President of the Association presented a Bouquet to the Guest.
Raina described that in this scheme one can declare its unaccounted assets/income or benami properties and get the benefits under this scheme. As this is one time opportunity to all the persons who have not declared income correctly in earlier years to come forward & declare such undisclosed income and the valuation of the Assets shall be calculated as on 1-6-2016 on fair market value as assessed by the approved valuers of the Department.
He further stated the silent feature of this scheme under which Tax, surcharge & penalty is payable at 45 percent of the income declare as well as the person will get the immunity from the scrutiny & other proceeding.
The declaration period is between 1-06-2016 up to 30-09-2016 & the same may be done before the Principal Commissioner, Income Tax, J&K Jammu as well as it may be done through online.
The income tax charged on the declared amount shall be deposited in 3 installments by 30-09-2017 & the whole process is fully confidential & not to be share with any department.
The meeting was also attended by Rahul Bnasal, senior vice president, Varun Singla, Vice President, Ajay Langer, General Secretary, Viraaj Malhotra Secretary and other executive members of the association.