The one-time amnesty-like income declaration scheme started this month and will accept declarations till September 30.
The Income Tax department held an awareness conference to popularise the scheme of one-time domestic black money compliance window in the business community and others in New Delhi.
A session on the Income Declaration Scheme (IDS) was held in Wazirpur Ring Road area by Principal Commissioner of Income Tax (Range-12) A K Chauhan. He addressed about 200 participants who were brought together by the manufacturers and traders association of the area in north Delhi.
Chauhan told the participants about the salient features of the scheme and said the declarants under IDS will face no action under the Income Tax Act and the Wealth Tax Act if they declare their untaxed assets under it.
He said by making a one-time payment of penalties under IDS, the declarants of such assets can also get rid of lengthy litigations and inquiries by the taxman.
"The scheme is a one-time opportunity and declarants should use it and come out clean," Chauhan said.
During the session, Chauhan also provided answers to a number of questions raised by the traders and other participants. He assured he will take their suggestions and demands to the higher authorities.
IDS was started this month and will accept declarations till September 30. The Central Board of Direct Taxes and the Finance Ministry have asked the taxman to accord high priority to the publicity of the scheme and ensure good participation.
Under the scheme, income as declared by eligible persons would be taxed at the rate of 45% which is 30% plus a 'Krishi Kalyan Cess' of 25% and a penalty at the rate of 25%.
These taxes have to be paid by November 30 after the window closes in September.
The scheme was announced by the government with an aim to weed out black money from the domestic economy.
IDS 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.
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