In order to encourage income declaration under the black money window the finance ministry assured that information gathered under the scheme will be fully confidential and never be disclosed or shared even with officials.
The last day for declaration of undisclosed income is Sptember 30,2016 for which the Income Tax Department (ITD) has been directed by the finance ministry to remain open untill midnight.
The confidentiality clause even stretches to jurisdictional assessing officers both within and outside the department. The payments will not even reflect in Form 26 AS, which contains details of all taxes paid by a taxpayer. “In respect of declarations filed with the Commissioner of Income-tax, Centralised Processing Centre, Bengaluru, the declaration shall not be shared even with the jurisdictional Principal Commissioner / Commissioner and payments made under the Scheme shall not be visible to the jurisdictional officers,” the ministry said.
The finance ministry and the government has made a lot of efforts to popularise the scheme which so far has not received the response that was expected out of it and only Rs 1000 crore has been received by far till the first week of September.
The Finance Minister (FM) had earlier announce the scheme in the budget enabling people to declare undisclosed income till 2015-16 and pay tax at the rate of 45 percent.
“In order to facilitate the filing of declarations even after the office hours, the Principal Chief Commissioners are instructed to ensure that the counters for receiving the declarations under IDS, 2016 remain open till the midnight of September 30, 2016 in all jurisdictions,” the CBDT said in an order on Thursday.
Payments can also be made through cash deposits. The first instalment of 25 per cent under the IDS 2016 will have to be paid by November 2016, followed by another 25 per cent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017.