Income Declaration Scheme is an opportunity for individuals and tax payers who have not paid full taxes in the past to declare the undisclosed income. Individuals under this scheme should pay tax, surcharge and penalty totalling in all to forty-five per cent of such undisclosed income declared.
Here are few pre-requisites for uploading form for income disclosure - Form 1
- To upload Form for Income Disclosure - Form 1, user should have a valid PAN and should be registered in e-Filing portal.
- A valid XML file should be generated using the JAVA Utility available under downloads. The JAVA utility of Form for Income Disclosure - Form 1 can be downloaded from the path Downloads
- Forms (Other than ITR) Form for Income Disclosure - Form 1.
- A valid XML can be generated by following the process, Extract the JAVA Utility of Form for Income Disclosure - Form 1
- Right click and Open the JAR file of Form for Income Disclosure - Form 1
- Fill all the Mandatory fields Click on "Generate XML".
- Valid DSC should be registered in e-Filing portal for uploading Form for Income Disclosure - Form 1
How To Upload Income Declaration Form At Income Tax Website?
Step 1: In e-Filing Homepage, Click on "Login Here"
Step 2: Enter User ID (PAN), Password, DOB/DOI and Captcha.
Step 3: Go to e-File click Upload Form for Income Disclosure - Form 1 (Income Declaration Scheme, 2016).
Step 4: Step 4: "Upload XML file": In the upload page, attach a valid XML file generated using the JAVA utility of Form for Income Disclosure - Form 1.
Step 5: "Attach the Valuation Report": Valuation Report, if any, can be attached. This is not mandatory
Step 6: "Attach the Signature file": Upload the signature file generated using DSC Management Utility for the uploaded XML file
Step 7: Click on "Submit" button
Individuals can face fine and other penalties if they miss the due date to declare undisclosed income. Last date to file Income Declaration is September 30, 2016.