Publicise blackmoney scheme at posh markets, malls: CBDT to IT
CBDT has directed the Income Tax department to step up publicity of the ongoing one-time blackmoney compliance window by advertising it at posh markets, clubs and showrooms and also ensure full privacy to those making disclosures for better collections.
New Delhi: CBDT has directed the Income Tax department to step up publicity of the ongoing one-time blackmoney compliance window by advertising it at posh markets, clubs and showrooms and also ensure full privacy to those making disclosures for better collections.
The Board has charted out some new guidelines to be followed by the taxman in order to make the window, called the Income Declaration Scheme (IDS), a success.
The directives state that IT authorities across the country should publicise the scheme at places which are "frequented by potential declarants like club houses, posh markets, show rooms of high-end products, among others."
Such publicity messages and posters, the directives said, should also be put up at "local fairs, fetes and social and cultural functions".
The Central Board of Direct Taxes has also directed that full privacy should be ensured to the people desirous of availing the IDS so that they can file their black money declarations in a "hassle-free manner" and hence the designated officer nominated for the task, Principal Commissioner of Income Tax in this case, should be the "one and only" point of contact with such a person.
"The idea is to ensure that the declarant is not exposed to multiple persons in the office so that his confidentiality is not compromised and he/she is able to file the declaration in a hassle-free manner," the directives state.
The department has been asked to ensure that a taxman possessing good interpersonal skills should be made the 'Facilitation Officer' in this regard and a special room should be earmarked for such dealings in the designated tax offices of the department across the country.
A senior official said the directives were issued to all the field offices of the IT department in the country after Revenue Secretary Hasmukh Adhia reviewed the progress of IDS with CBDT officials yesterday.
"The Secretary asked the CBDT to leave no stone unturned in ensuring a conducive atmosphere for better collections under the IDS," the official said.
The directives also added that developments under the IDS are being monitored at the "highest level" in the government and hence all steps should be taken to ensure its good publicity.
The CBDT also asked the taxman to hold special sessions in this regard with medical practitioner associations, bar councils, Charted Accountants and trade and business organisations which have "direct links" with the potential declarants.
Town hall meetings in this regard should be held, the CBDT has advised the department.
The IDS was opened by the government on June 1 and will be in force till September 30. Due taxes have to be paid by November 30 by the declarants.
Under the window, income as declared by the eligible persons, would be taxed at the rate of 45 per cent which is 30 per cent plus a 'Krishi Kalyan Cess' of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable on the income declared.
The scheme was announced by the government with an aim to squeeze out black money from the domestic economy.
The government had come out with a similar scheme for Indians holding undisclosed income abroad last year.
The current scheme will apply to undisclosed income, in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.
The declarations under the IDS can either be made online on the official e-filing website of the IT department or before the various regional Principal Commissioners of IT.