Income disclousre scheme 2016
This query is : Open
25 August 2016
Pleaes provide the solution of the following querry:
If a person discloses rs. 1 crore worth jewellery in income disclosure scheme 2016 and he want to pay entire tax in cash then what amount of cash should also be disclosed to cover up the tax amount so that rs. 1 crore worth jewellery may remain in his hand.
If a person discloses rs. 1 crore worth jewellery in income disclosure scheme 2016 and he want to pay entire tax in cash then what amount of cash should also be disclosed to cover up the tax amount so that rs. 1 crore worth jewellery may remain in his hand.
25 August 2016
Dear kalika,
To get the immunity under the scheme in respect of entire undisclosed income you have to declared income of 145 Lakhs (100 Lakhs being the value of Jewellery and 45 Lakhs being the payment of tax )
Earlier in Circular no 25/2016 a mistake was done by government by including tax amount in the disclosed income but that has been clarified in circular no 27/2016
So disclosed income as 145 Lakhs so that 100 lakhs will be remain with you
Kindly like if my response has helped you
To get the immunity under the scheme in respect of entire undisclosed income you have to declared income of 145 Lakhs (100 Lakhs being the value of Jewellery and 45 Lakhs being the payment of tax )
Earlier in Circular no 25/2016 a mistake was done by government by including tax amount in the disclosed income but that has been clarified in circular no 27/2016
So disclosed income as 145 Lakhs so that 100 lakhs will be remain with you
Kindly like if my response has helped you
26 August 2016
Sir,
In this situation 100 lakh will not remain in hand as the declarant will have to pay tax on 45 lakh also which comes around 20.25 lakh.
In this situation 100 lakh will not remain in hand as the declarant will have to pay tax on 45 lakh also which comes around 20.25 lakh.
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