The Income Disclosure Scheme 2016 is gaining momentum and delivering healthy results, Rajinder Kumar, Principal Chief Commissioner Income Tax (North Western Region) said here.
Delivering a key note address on the seminar themed on ‘Income Disclosure Scheme 2016), organised by national body of Chartered Accountants – The Institute of Chartered Accountants of India (ICAI) in which more than 400 Revenue Officers and Chartered Accountants participated, he said the scheme which is revived after 19 years requires to gain culture of honesty like cities of Bangalore.
“Risk is higher and it goes far higher. Data gathering is moved so intelligently and with the advent of computerisation individual PAN is under surveillance with IT department. Any person can declare his undisclosed income without being asked even a single question and no enquiry will be made to ascertain source of Income and this information will be kept secret and not to be shared with any of the law Enforcing Agency,” he said.
He said, “Paying 45% tax will free a person from all sorts of tensions and no penalty or prosecution will be filed against that person. One can buy peace of mind by disclosing undisclosed money.”
Naveen Soni, Chairman of Chandigarh Branch hailed the steps taken by Modi Government in the direction of curbing Black Money, which is main source of running the parallel economy in the country.
SD Jha, PCIT and Saroj Deswal, Principal CIT, both Guest of Honours gave answers to various queries of the members present in the seminar.