Income Tax dept notifies declaration forms for untaxed funds
PrintListen to this Article
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).
“While in Form 1 the details of assets to be declared under the IDS is to be provided, Form 2 is the 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,” a senior IT official said.
The forms have been uploaded on the e-filing portal of the department –http://incometaxindiaefiling.gov.in/.
“The forms have been activated too,” the official said.
The four-month IDS opned yesterday and will be operational till September 30.
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. #casansaar (PTI - Financial Express)
Category : Income Tax | Comments : 0 | Hits : 1073
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments