Personal finance simplified

How to declare Income under Income Declaration Scheme 2016 in India?

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The Income Declaration Scheme 2016 is a new scheme in India for domestic tax payers to declare their undisclosed income and pay 30% of tax, 7.5% of surcharge and 7.5% of penalty – totaling in all to 45% of such undisclosed income declared.

Income Declaration Scheme 2016 is open for declaration from 1st June, 2016 to 30th Sept, 2016 and the details of that person shall be kept confidential and shall not be declared in public. The payments towards taxes, surcharge and penalty must be made before 30th November, 2016. If not, the declaration made under the scheme will become void.

How to declare Income under Income Declaration Scheme 2016 in India?

Income declarations can be filed in two ways,

a. Online in Income Tax e-Filing portal

or

b. Offline to the jurisdictional Principal Commissioners or the Commissioner of Income-tax across the country

 

Offline method:

a. Download the “FORM OF DECLARATION UNDER SECTION 183 OF THE FINANCE ACT, 2016, IN RESPECT OF THE INCOME DECLARATION SCHEME, 2016” from here.

b. Submit the fully filled form to the jurisdictional Principal Commissioners or the Commissioner of Income-tax.

Online method:

a. Visit Income Tax e-Filing portal – http://incometaxindiaefiling.gov.in/.

b. Right side of this portal – Under “Download” section – Click “Forms (Other than ITR)”

c. On the next screen, download the “Form 1 Utility” – it is a ZIP file

d. Open Form 1 utility from this zip file and click on Form 1 Tab
[Minimum requirement to run this form: Java Runtime Environment Version 7 Update 6 or above(32 bit)].

e. Next, fill the details in this Form. Once done – press on “Generate XML” button

f. Finally, upload the generated XML file in Income Tax e-filing website under “e-File” in “Upload Form for Income Disclosure – Form 1 (Income Declaration Scheme 2016)” and validate it using digital signature.

 

You can also contact the Toll free number: 1800 180 1961 for any clarification about Income Declaration Scheme 2016.

 

Hope you find above information useful. Do share your views below.

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