To a query on whether undisclosed income will be passed on as current income in income return to become filed for Assessment Year ‘2017 18’, IT department said declaration of past undisclosed income in the current year amounts to false verification of return of income which shall attract prosecution under I T Act.
In consonance with FAQs, compliance window closes on September 30 and tax has usually been to become paid by November 30. Stock exchanges, tax deductors etcetera.
The department has launched an in-depth ‘info mining’ and compliance management programme which must generate a vast volume of info about pecuniary transactions undertaken by taxpayers and the relevant year in which the transaction had been undertaken. The FAQs further said that in case an accommodation property acquired through ill gotten wealth had been letout, actual rent got or receivable should be required being declared under the IDS in addition to fair market accommodation value property as on June 1.
It further said credit for tax deducted in respect of income declared under IDS shall be OK usually in these cases where related income always was declared under scheme and the credit for tax has not usually been claimed in income return file for any assessment year.
FAQs 3-rd set proceeds with the meeting of Finance Minister Arun Jaitley with market, trade bodies and chartered accountants earlier this day. One comments