The Utkal Chamber of Commerce and Industry (UCCI) in association with the Department of Income Tax, Bhubaneswar organised an awareness programme on the Income Declaration Scheme-2016 here on Friday.
Income Tax Department Principal Commissioner PC Mohanty and Commissioner (Appeal)-I and Administration Sarat Kumar Dash explained the different aspects of the scheme. They said it’s a golden opportunity whereby one has to disclose voluntarily his assets and income under absolute secrecy with a penalty of 45 per cent of disclosed income.
Binod Kumar from the IT Department said that assets to be declared are exempt from Wealth Tax, scrutiny/inquiry from income tax and immunity from the Benami Transaction (Prohibition) Act. The declaration time is from June 1, 2016 to September 30, .2016.
UCCI president Ramesh Mahapatra gave welcome address while secretary Prasant Satapathy proposed a vote of thanks.