Declaration of undisclosed income

Discussion in 'Tax' started by amitava, Jun 28, 2016.

  1. amitava

    amitava Active Member

    Income Tax Dept. , Govt. of India has taken a strong initiative to recover Black Money hidden in India. It has recently issued a Circular to declare the income which has not been shown in the F.Y. 2015-16 or earlier years. The deadline has been fixed 30th Sept. 2016. No criminal prosecution will be endowed upon if a person declares his income (not previously disclosed) within this period. Only he/she will have to pay taxes for the same. The Tax evaders may have to face trouble if found guilty after the dead line.
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  2. gpgarain

    gpgarain Following You. Staff Member

    It is being circulated as "A Time Bomb" .....
     

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