Clarifications Issued on Income Declaration Scheme vide Circular No. 24/2016 dated 27-06-2016

Further Clarifications Issued on Income Declaration Scheme vide Circular No. 24/2016 dated 27-06-2016

1.       In case of part payment of tax, surcharge and penalty, entire declaration shall fail.

2.       In case of amalgamation or conversion into some other entity, the declaration to be made by amalgamated entity or converted entity because amalgamating or converting entities are no longer in existence.

3.       The scheme is applicable to residents as well as non residents.

4.       Undisclosed Income of older assessment years like asstt year 2001-02 shall also get taxed in the year of issue of notice u/s 148/153A/153C

5.       For search conducted in April 2016 but notice u/s 153A not issued till 31-05-2016, the scheme is not applicable and hence not eligible to make declaration

6.       Pr Commissioner / Commissioner may require valuation report before issuing acknowledgement and in such case it will be compulsory to file valuation report.

7.       It is necessary to furnish PAN

8.       The years for which proceedings are pending before settlement commission, the scheme can not be availed.

9.       Cases where letter are issued u/s 133(6) and no notice u/s 148 or section 142 is issued , declaration can be filed.

10.   Cases letter issued by  Non filer Monitoring System but no no notice u/s 148 or section 142 is issued , declaration can be filed.

11.   Cases where summons are issued u/s 131(1A) but no no notice u/s 148 or section 142 is issued , declaration can be filed.

12.   Where notices have been issued u/s 142, 143(2) and 148 but not received till 31-05-2016, the declaration shall be valid if there is no misrepresentation or suppression of facts. On issue of certificate by Pr CIT/CIT in Form 4 the proceedings u/s 142,143(2), 148 shall stand abated.