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Finance Minister Arun Jaitley will meet industry associations on Tuesday and discuss the four-month window of Income Disclosure Scheme (IDS) . The IDS has been provided by the government to citizens to disclose their undeclared wealth.
This will be the first such meeting that the finance minister will hold to explain provisions of the one-time compliance window provided to domestic black money holders to pay their taxes and escape harsher penalties. The scheme, which was announced in the Union Budget for 2016-17, became operational on June 1. It allows domestic black money holders to declare unaccounted wealth and come clean by paying a tax and penalty of 45 per cent. The government has said that there will be no inquiry into the source of the undisclosed income and assets if declaration is made voluntarily.
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Prime Minister Narendra Modi has asked people to declare their undisclosed income by September 30 to avoid punitive actions after the closure of the window. “… this is a golden chance for you to disclose your undisclosed income. And in another way, this is the way out to save yourself from any trouble that could arise after September 30,” he had said in his radio address ‘Mann Ki Baat’.
The tax department has adopted four-pronged strategy to ensure success of the scheme, including single point contact to ensure confidentiality, setting up of facilitation centres across the country, wide publicity and monitoring of the scheme at the highest level. In order to give wide publicity, the CBDT has also suggested putting up posters about the Income Declaration Scheme-2016, at places frequented by potential declarants, like club houses, posh markets, showrooms of high-end products.