DIMAPUR, JULY 8: Income Tax Department, Dimapur, had organsied a one-day seminar on ‘Income Declaration Scheme’ (IDS) at Lion’s Club Hall, Dimapur, on July 8.
Present in the seminar were the Income Tax officials headed by Pukini Lokho, Deputy Commissioner of Income Tax, Circle-Dimapur; IK Zhimomi, IRS, Additional Commissioner of Income Tax, Range – Dimapur; and IDS Nodal Officers from NER, along with members from various other business associations of the district.
The Income Declaration Scheme, 2016 which was introduced by the Government of India in the Finance Act, 2016 seeks to provide various opportunities to those persons who have not fully paid their taxes and to declare all tax payers to come forward and declare their undisclosed income and pay tax, surcharge and penalty totaling in all to 45 percent of such undisclosed income declared. The scheme, which is open to all tax payers of the nation since June 1, would be closed on September 30, 2016.
The biggest advantage of the scheme for tax payers is that once an assessee declares income under this scheme, he would get immunity from penalty or prosecution proceedings under the Income-tax Act and wealth-tax act related to such income. No scrutiny or no enquiry would also be done by the department in respect of the income declared under the scheme.
P Lokho, who inaugurated the seminar, emphasized upon the necessity of giving wide publicity of the scheme so that it reaches to a wider range of people. He also stated that giving awareness to the public is important to attract those who are willing to declare their undisclosed income.
IK Zhimomi, who also spoke on the scheme, said the department planned to work for the tax payers of the district if one is willing to work for the cause. He said if the scheme pattern is followed and practiced by all payers, not only the government would gain revenues but all tax payers be also benefited in a greater way.
Crediting Narendra Modi’s present leadership as the Prime Minister of India, IK Zhimomi said when the government is working towards the making of India, the general public should also actively involve oneself in the process. He also requested all the tax payers to be practical and be dutiful in paying tax as a responsible citizen of India.
Discouraging the commencement of business establishments in someone else’s name, the Additional Commissioner of Income Tax requested all tax payers and business owners to be genuine businessman and that one should not hide their identity by creating fake accounts as no details could be hidden from the department. He said the relationship between the business community and the general public should be intact.
Citing that the Government of India introduced the scheme to bring all the black money under tax net so that more revenue would be collected for the nation, IK Zhimomi said that it is an opportunity for the payers to come forward and declare their undisclosed income while paying off their full tax to their department.
S Sachidananda Singh, Income-tax Officer, Ward-2, Dimapur, also made a power point presentation of the Acts & Laws binding the Income Declaration Scheme-2016. He elaborated on the scheme with special preference to the procedure of declaration of undisclosed Income.
Handouts with complete details of the Income Declaration Scheme were also distributed to all the participants of the seminar and also held an open discussion.
