Port Blair, Aug 21: The Income Tax Department, Port Blair conducted a seminar on the IDS 2016 at Hotel TSG Emerald View. The workshop was conducted after requests from the various chambers of commerce of Port Blair. Mr R.P. Nag, Additional Commissioner of Income Tax, Range-3, Kolkata, Smt AashwitaLal, Deputy Commissioner of Income Tax, Port Blair, along with other senior Income Tax Officials represented the Department.
The seminar gave a holistic overview of the scheme. Mr Nag explained the salient features of the scheme, which gives an opportunity to payers to declare their undisclosed income or assets & come out clean by paying the applicable taxes, as totalling to 45%. He also explained that the scheme is open till 30th September 2016 for filing declarations. The payment of Taxes can be made by 30th September 2017 in three instalments. He called for co-operation from the chamber in taking the scheme to the general public also speaking on the scheme. Smt. Lai further gave clarifications regarding the fair market value of assets to be taken for disclosure under the scheme. She also mentioned that once a notice or provision under the act has been involved, it is not possible to declare under the scheme.
It was also mentioned that there are lots of data and their party information with the Department regarding Non-Filers and property transactions. Such parties are particularly asked to disclose under the scheme and come clean. The session was conducted and the vote of thanks was proposed by Mr Girish Arora, the President of the Andaman Chamber of Commerce and Industry.
