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Avail I- T declaration window or face consequences, PM warns tax assessees

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Prime Minister Narendra Modi on Sunday advised tax defaulters to avail of the benefits of the Income Declaration Scheme or face prosecution, which the government will start after the window expires on September 30.
In his radio programme ‘Mann ki Baat’, he said no questions would be asked about the source of undisclosed income or assets if the declaration was made voluntarily under the scheme that began this month. “ This is the last chance to avoid problems that will follow after the window of opportunity closes,” Modi said.
By paying a penalty, those having undisclosed money can free themselves from various kinds of burden. He said evading taxes had become a part of the behaviour for many in the past because of high tax rates. “ Old habits die hard, despite the fact that it is quite easier now for taxpayers to connect with the government.
I want to request you that we lose happiness by circumventing rules. Any small person can be after us. Why should we allow that? Why should we not give correct information about our income, wealth?" he asked.
The Income Declaration Scheme, incorporated as Chapter IX of the Finance Act2016, started on June 1 and would remain in force for four months. Recalling the " black night" of Emergency imposed on this day 39 years ago, Modi on Sunday asserted that democracy was the countrys strength and said this commitment needed to be taken further. He said the " shining example of democratic powers of a common citizen" was seen at that time and " it should keep reminding the nation again and again. “ I keep saying that democracy does not mean that you vote and give contract of five years for running the country.
Voting is a crucial part of democracy, but there are several other aspects too. The biggest aspect is peoples participation —the pulse of the people, the thinking of the people. The more governments associate with the people, the more is the country strengthened,” he said.
TAX MATTERS
  • The Income Declaration Scheme, incorporated as Chapter IX of the Finance Act- 2016, has started on June 1 and would remain in force for four months
  • By paying a penalty, those having undisclosed money can free themselves from various kinds of burden
  • Narendra Modi said evading taxes had become a part of the behaviour for many in the past because of high tax rates.
Business Standard New Delhi,27th June 2016

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