With an aim to encourage disclosure of unaccounted income, the Income Tax department is providing a four month period for declaration. The period has already commenced on June 1 and would end on September 30, said Principal Chief Commissioner of Income Tax MP & CG Abrar Ahmed while speaking with media persons here on Wednesday.
To achieve the ambitious target of adding over a crore tax payers in the financial year the government is taking very essential step and in the same series the
The total tax would be around 45 per cent. The window of four month is from June 1, 2016 to September 30, 2016. The details could be searched at incometaxindia.gov.in.
In the process person filing for the tax would have to fill details in four forms which would mark the completion of the process by providing a certificate in the end.
The four month period is aimed to provide citizens who have never disclosed their unaccounted money and assets and failing to disclose details with the Income Tax would attract strict actions.
Ahmed said that till date no one has submitted details of unaccounted money and assets with the department in MP and CG and to spread the information regarding the four month period media would play a vital role.
Citing another reason for delay in the response is the exploring of options by those who wanted to disclose unaccounted money and assets with service providers in tax and accounting. Tax consultants, advocates and CA are those which help citizens in the process of tax payments.
Discussions at various occasions are held with the tax consultants, advocates and chartered accountants to encourage them to guide their clients for filing correct details regarding tax which helps in Nation building.