Income disclousre scheme 2016

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KALIKA PRASAD (Querist)

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.

ACA Anurag

ACA Anurag (Expert)

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

KALIKA PRASAD

KALIKA PRASAD (Querist)

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.

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