IT dept notifies forms to declare assets in one-time black money window

The scheme was announced by the government with an aim to pump out black money from the domestic economy.

PTI June 02, 2016 13:29:18 IST
IT dept notifies forms to declare assets in one-time black money window

New Delhi: The Income Tax department today notified four new forms for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.

The forms— 1, 2, 3 and 4— can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).

IT dept notifies forms to declare assets in onetime black money window

Representational Image. Reuters

"While in Form 1 the details of assets to be declared under the IDS is to be provided, Form 2 is the acknowledgement for the same that will be issued by the jurisdictional Principal Commissioner of Income Tax to such a person. Form 3 and 4 pertain to payment of taxes and penalty on these funds," a senior IT official said.

The forms have been uploaded on the e-filing portal of the department — http://incometaxindiaefiling.gov.in/.

"The forms have been activated too," the official said. The four-month IDS opned yesterday and will be operational till 30 September.

Under the scheme, income as declared by the eligible persons would be taxed at the rate of 45 per cent which is 30 per cent plus a 'Krishi Kalyan Cess' of 25 per cent and a penalty at the rate of 25 per cent.

These taxes have to be paid by 30 November.

The scheme was announced by the government with an aim to pump out black money from the domestic economy.

Earlier, government had come out with a similar scheme for Indians holding undisclosed income abroad.

The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.

Declarations under IDS can either be made online on the official e-filing website of the IT department or before various regional Principal Commissioners of IT in the country.

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