The Income Tax department on Thursday notified four new forms for disclosure of untaxed funds and properties. This is under one-time domestic black money compliance window that was released this month. The forms– 1, 2, 3 and 4– can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS). The forms have been uploaded on the e-filing portal of the department —http://incometaxindiaefiling.gov.in/. The scheme will be operational till September 30.
The details of the four new forms notified for black money disclosure are as under:
- Form 1 – Details of assets to be declared under the IDS is to be furnished
- Form 2 – Acknowledgement for the same that will be issued by the jurisdictional Principal Commissioner of Income Tax to such a person.
- Form 3 and 4 – pertain to payment of taxes and penalty on these funds
Under the scheme, 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 and a penalty at the rate of 25 per cent. These taxes have to be paid by November 30.
The scheme was announced by the government with an aim to pump out black money from the domestic economy. Earlier, government had come out with a similar scheme for Indians holding undisclosed income abroad.
The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.
Declarations under IDS can either be made online on the official e-filing website of the IT department or before various regional Principal Commissioners of IT in the country.
Source: Economic Times