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Faking News
#Manesh Tewari
4
By FP Staf
The scheme, which came into efect for a period of four months starting from
June 1 this year, was announced by the government with an aim of bringing
out black money from the domestic economy. Those who declare their untaxed wealth under the scheme can make their payments as follows:
ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31
March 2017;
The time for making payments was extended considering the practical
difficulties of the stakeholders, who feared they may have to resort to distress
sale of assets.
Penalty against the tax evaders or those people do not declare their deposits
and assets under the IDS would be 100 percent to 300 percent, besides jail
terms ranging from three months to seven years, depending upon the
severity of the fault and laxity.
The government hopes to collect taxes worth Rs 50,000 crore and declaration
worth Rs 1 lakh crore.
The government has assured people that the information declared under the
scheme would be kept confidential and not shared with any authority.
Further, the payments made under the scheme shall neither be reflected in
the annual statement, which is the consolidated tax statement, nor can it be
viewed by the assessing officer in the Online Tax Accounting System (OLTAS)
of the department in the interest of confidentiality.
The I-T department has been directed to accept declarations without PAN
under the black money compliance window, but ensure that the unique
number is later obtained by the entity concerned.
The Central Board of Direct Taxes (CBDT) has asked tax sleuths to ask such
declarants to attach a separate application in the IDS form for allotment of a
fresh PAN to them quickly.
The decision was notified by CBDT as some field offices brought to its notice
that they were encountering "few cases" where an entity wanted to make a
declaration of black money under IDS, but had no PAN.
The extension of date to make payments was also part of this efort.
Separately, the Reserve Bank of India has instructed banks to accept cash
deposits at the counter from people declaring unaccounted wealth under the
scheme.
As the IDS deadline drew nearer, the I-T department started conducting raids
across the country. Even the small businesses were not spared.
Congress spokesperson Manish Tewari alleged that under the scheme, the
total declaration made till 30 August was Rs 4,164 crore only and the total
tax collected was only Rs 2,428 crore.
"if today we go to any trading hub in the country there are these horror
stories of how the small trader, the honest businessman, the honest taxpayer
is being literally coerced in order to make declaration to fulfil the target under
this income declaration scheme," Tewari said.
The jury is still out. Media reports say the government hopes raise anywhere
between Rs 35,000-50,000 crore from the scheme.
The tax officials cited by the newspaper say that the scheme will be a
success if the income declarations goes beyond Rs 50,000 crore. Even
declarations worth Rs 40,000 crore is not bad, they say.
However, if, as the Congress alleged, the officials have been harassing the
tax payers to meet targets, it may end up as a failure and is likely to backfire.
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