CBDT clarifies unconfirmed reports speculating on the taxpayers response on IDS scheme

The Central Board of Direct Taxes (CBDT), today clarified on the reports speculating on the tax payers response to the currently on-ongoing Income Disclosure scheme (IDS) 2016.

The board said,” It would like to clarify that these speculations are not based on any statements issued by the department.”

Further the CBDT said,” Since the commencement of the scheme the department has addressed various concerns of tax payers via public meetings and through the issue of FAQs over the last 2-3 months.”

While shrugging off the media reports, it also stated that the scheme has gained good interest and the response of the tax payers has been steadily growing.

In a move to tackle black money and ensure effective law in taxes, the Government of India launched Income Declaration Scheme as an opportunity to people who haven't paid full taxes in the past can come forward and declare their undisclosed income and assets.

Now that only 15 days are left for the scheme to get close, the CBDT has directed all the tax payers to hurry up before it gets too late.

However, CBDT refrained from issuing any statement regarding the number of declaration recieved or taxes paid under the scheme.

The confidential handling of declarations made under the Scheme is of utmost importance to the Income Tax Department and the CBDT is aware of its responsibility towards fulfilling this crucial role, said CBDT.

A formal and confirmed press release on the above aspects will be issued from the CBDT after the Scheme closes on 30th September, 2016.