New income declaration scheme raises doubts

CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill

Chartered accountants (CAs) have been flooded with calls after the government declared another voluntary income disclosure scheme for unaccounted money. The topmost concern of individuals is whether depositing unaccounted money in their bank accounts could also lead to the income tax department opening up previous years’ returns for reassessment. Revenue Secretary Hasmukh Adhia has said that the disclosures will enjoy immunity from wealth tax, civil and other taxation laws, but there will be no immunity from foreign exchange violations, narcotics and black money laws.

30TH NOVEMBER, 2016, THE BUSINESS STANDARD, NEW DELHI

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