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Income Declaration Scheme: Government Assures Complete Confidentiality


The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.


The Income Declaration Scheme (IDS) 2016, which was announced by the Finance Minister Shri Arun Jaitley in the Union Budget 2016-17, opened from June 1.

Income Declaration Scheme: Government Assures Complete Confidentiality

The Revenue Secretary, Government of India Shri Hasmukh Adhia said "no source will be asked and no further proceedings will be initiated against those availing of the opportunity to declare their hitherto undisclosed income under the scheme".

Shri Adhia also reassured that the information contained in the declaration will not be shared with any other law enforcement agency.

The IDS provides a four month compliance window up to September 30, to people with undisclosed income in the country to come clean by paying tax, penalty and surcharge of 45 per cent of fair market value latest by November 30, 2016.

Shri Adhia made it amply clear that this is a one time opportunity and the window will not be extended beyond the four month period , ending on September 30. He said this is a last chance for people to declare their unaccounted income, following which, the Income Tax Department would initiate its own action.

Story first published: Saturday, July 2, 2016, 10:27 [IST]
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