2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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30 August 2017
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30 September 2017
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30 October 2017
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30 November 2017
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Detailed explanation-1: -The Scheme provides an opportunity to citizen who has not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to forty-five per cent of such undisclosed income declared.
Detailed explanation-2: -Form 1: It is a declaration form to be filled and submitted by the taxpayer within the due date specified i.e., by 30 September 2016.
Detailed explanation-3: -Form 4 is a Certificate granted by the jurisdictional Principal Commissioner or Commissioner after upload of Form 3 by the assessee. “Action” column under “View Forms (Income Declaration Scheme, 2016)”.
Detailed explanation-4: -The scheme is applicable to both income tax and wealth tax. The tax chargeable is 45%-30% income tax rate + Krishi Kalyan Cess on 25% of this tax (which is 7.5%) + penalty on 25% of the tax (7.5% again).