Avoid Income Tax Hassles


Safeguard from Penalties & Prosecution from previous Non-disclosures

Income Deleclaration Scheme 2016
After 20 years, in a new Avataar
 
 
Quick Summary
If you want to Relax, Pay Tax

Our Hon'ble Prime Minister Mr Narendra Modi was clear in his Maan ki Baat speech on this Sunday 26th June 2016. He said, this is the last opportunity to comply. Else face the music.
 
Scheme has already started : 1st June 2016
Scheme Ends : 30th Sept 2016
    
 
If you are also thinking on the same lines,
then we at IamSMEofIndia, bring to you some “Practical” ideas.
 
Declare your family Jewelry
(it might be possible, that your family members have some precious jewelry of gold or Diamond or Silverware, that even your CA does not know !!!
Even you may not fully know ….)
 
Often, this is stored as non-productive asset for you as a businessman.
 
But, for your better half, this could be “more important” than business. (!!)
 
Help them own and wear fearlessly and with pride by declaring their Treasure and by paying some Tax.
 
We at IamSMEofIndia panel, felt that this is a Grey area that some people have,
 
and might be not fully accounted for.
 
Declaring this may have a positive effect on your personal balance-sheets.
It may also help you live without fear of taxmen.
 
 
Next idea : National Savings Certificates / FDR / IVP / KVP
 
 
If you any undisclosed Account(s) in any bank, or post office. Or any NSC / IVP / KVP, it's the right time to declare. In any case, whenever they will be encashed in future, they will be repaid in Cheque only. So, they will come in books. These cannot be kept secret as Govt. has access to all such data and its only a matter of time that the law catches up with you.
So, better declare them now. ( if any such undisclosed monies/ accounts!! )
 
Next idea :expenditures on Tourism, Education, Marriages

   
Sometimes, we all splurge undeclared/ unaccounted for cash.
Just because you paid cash for travel, education fee, electricity bills, marriage functions, celebrations, club bills etc. please don't think the IT doesn’t know.
The Income Tax Department collects complete data from all over and knows it all.
So, better to declare your past unaccounted for cash expenses and have peace of mind.

 
NEXT!
You might be having this lovely House

But………… if is from an undeclared income, it could be a nightmare!
 
Now is the right time to revaluate and pay tax and enjoy the assets that you’ve created, legitimately and forever!
 
What to do and How?
Three simple steps…. 1,2,3…
 
 
What to do ? Make your personal Balance Sheet / List of assets/ past expenses from undeclared sources.
Assess yourself what you should declare
Value of the asset shall be as on 1st June 2016 and approved by Govt. approved valuers.
What else can I declare ? You can declare, anything …. Even your business extra stock, business assets, expenses, anything, to come clean
Declare Declare using the simple return Form
Pay the tax of 45% on valuation/ Calculation
Last date to declare: 30.09.2016
Last Date to pay Tax: 30.11.2016
Relax This information will be kept secret by the Department. Complete confidentiality shall be maintained by the Govt. Complete immunity from further prosecution, penalties.
No questions shall be asked on sources of money, where and how you made the assets or expenses from.
 
Prepared by: Mr. Sangeet Gupta, CA, Honorary Counsel, IamSMEofIndia
For queries, suggestions and feedback , you can e-mail us 

 

 
IamSMEofIndia Help Desk For the Income Declaration Scheme 2016

Contact us in full confidence!

For further Advice, seek your appointment with:
Mr. Sangeet Gupta, CA
Honorary Counsel, 
IamSMEofIndia
Plot No.66, Sector 27A, Faridabad- 121003
info@iamSMEofindia.com

Notes & disclaimer

The contents of this circular are for Private circulation & intended for the addressee/s only. We do not warrant that this email is free of mistakes, errors or any other defect. Care has been taken to provide authentic information as on date, but it is advisable to confirm/verify with qualified legal practitioners, professionals before implementing any suggestions. The views expressed are not necessarily those of the Association. We encourage readers, our Members to write to us their opinions, suggestions, ideas, comments, thoughts and bring to our knowledge mistakes, omissions etc. which we’d be pleased to correct/implement.