Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Determination of cost of improvement of old or inherited land/building in absence of documents The question arises specially where the land and building are old one or inherited and sold. In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.
Income Declaration Scheme, 2016 – extension of last date are desirable The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued […]
Registered Valuer Under Wealth Tax Act, 1957 Section 34AA of the Act provides that notwithstanding anything contained in said Act, any type of assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he […]
Will black money crackdown once declaration scheme ends ? CBDT has directed field formations to be ready to use the information, leaving out those who have declared under the Income Disclosure Scheme (IDS).