The F. M. has announced a scheme for Voluntary Disclosure (TIDS, 2016) of Undisclosed Income and Assets by Domestic Taxpayers. On the basis of the updates available, we are noting below the Frequently Asked Questions on the aforesaid Scheme:-<\/p>\n
FAQ 1: Who is Eligible?<\/p>\n
Reply<\/span>: Any person can file a declaration under this Scheme.<\/p>\n <\/p>\n FAQ 2: What can be disclosed?<\/p>\n Reply<\/span>: Income of any assessment year prior to AY 2017-18:-<\/p>\n a) For which he has failed to furnish the Return of Income u\/s 139 of the I. T. Act, 1961<\/p>\n b) Undisclosed Income which he has failed to disclose or has escaped assessment; and<\/p>\n c) Declared in the form of any investment in any Asset (Undisclosed).<\/p>\n <\/p>\n FAQ 3: What will be the value of the Undisclosed Asset?<\/p>\n Reply<\/span>: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The value of Undisclosed Asset shall be the Fair Market Value (FMV) as on the date of commencement of this Scheme i.e. 01-06-2016<\/span>. FMV shall be determined in such manner as may be prescribed.<\/p>\n <\/p>\n FAQ 4:Can the declarant claim any deduction in respect of expenses or allowance in respect of Income declared under this scheme?<\/p>\n Reply<\/span>: No deduction in respect of any expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made.<\/p>\n <\/p>\n FAQ 5: What is the Rate of Tax. Surcharge and Penalty on the Income disclosed?<\/p>\n Reply<\/span>: The declarant will have to pay following tax, surcharge and penalty at the following rate\u2019s on the amount of Income Disclosed:-<\/p>\n TOTAL \u2013 45%<\/p>\n <\/p>\n FAQ 6:Who will sign the Declaration?<\/p>\n Reply<\/span>: The declaration will be signed by the following person:-<\/p>\n b)\u00a0\u00a0\u00a0 If the declarant is absent from India \u2013 Self or Authorised Representative<\/p>\n c)\u00a0\u00a0\u00a0 If the declarant is mentally incapacitated \u2013 By his guardian or any other person competent to act on his behalf.<\/td>\n<\/tr>\n b)\u00a0 If the Karta is absent from India or Mentally Incapacitated \u2013 By any adult member of the HUF<\/td>\n<\/tr>\n b)\u00a0 If the Managing Partner is absent from India or Mentally Incapacitated \u2013 By any other Partner of the Firm<\/td>\n<\/tr>\n b)\u00a0\u00a0\u00a0 In case if the MD is unable to sign for any reason then by any other director of the Company.<\/td>\n<\/tr>\n b)\u00a0\u00a0\u00a0 Prinipal Officer<\/td>\n<\/tr>\n b)\u00a0\u00a0\u00a0 Other person competent to act on his behalf.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n FAQ 7: Can a person make multiple declarations under this scheme?<\/p>\n Reply<\/span>: Any person, who has made a declaration under sub-section (1) of section 180 in respect of his income or as a representative assessee in respect of the income of any other person, shall not be entitled to make any other declaration, under that sub-section in respect of his income or the income of such other person, and any such other declaration, if made, shall be void<\/p>\n <\/p>\n FAQ 8: What is the Last date of filling declaration under this Scheme and \/ or Payment of Tax, Surcharge and Penalty?<\/p>\n Reply<\/span>: The last date shall be notified by the Government in the Official Gazatte.<\/p>\n <\/p>\n FAQ 9: What are the Benefits to the Declarant by giving disclosure under this scheme?<\/p>\n Reply: The declarant will be eligible for following benefits in respect of the income Disclosed under the Scheme:-<\/p>\n <\/p>\n FAQ 10: What is\u00a0 the Risk in Filling the Declaration?<\/p>\n Reply<\/span>: where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this Scheme. The tax, surcharge or penalty deposited under this scheme shall not be refunded.<\/p>\n <\/p>\n FAQ 11: Who is in-eligible to file a declaration under this Scheme?<\/p>\n Reply<\/span>: The provisions of this scheme shall not apply in respect of:-<\/p>\n For any information or query in respect of the aforesaid matter, you may speak in person with CA Ritul Patwa on 9001231231.<\/p>\n","protected":false},"excerpt":{"rendered":" The F. M. has announced a scheme for Voluntary Disclosure (TIDS, 2016) of Undisclosed Income and Assets by Domestic Taxpayers. On the basis of the updates available, we are noting below the Frequently Asked Questions on the aforesaid Scheme:- FAQ 1: Who is Eligible? Reply: Any person can file a declaration under this Scheme. …<\/p>\n\n
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\n Category of Declarant<\/strong><\/td>\n Signing Authority for Declaration<\/strong><\/td>\n<\/tr>\n \n Individual<\/td>\n a)\u00a0\u00a0\u00a0 If the declarant is present in India – Self;<\/p>\n \n H.U.F.<\/td>\n a)\u00a0 By Karta of HUF;<\/p>\n \n Firm<\/td>\n a)\u00a0 By Managing Partner of the Firm<\/p>\n \n Company<\/td>\n a)\u00a0\u00a0\u00a0 By the Managing Director of the Company;<\/p>\n \n Association<\/td>\n a)\u00a0\u00a0\u00a0 By Member of the association; or<\/p>\n \n Other Person<\/td>\n a)\u00a0\u00a0\u00a0 By that Person; or<\/p>\n \n
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