{"id":2732,"date":"2016-10-01T14:11:15","date_gmt":"2016-10-01T08:41:15","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2732"},"modified":"2021-12-27T17:03:19","modified_gmt":"2021-12-27T11:33:19","slug":"income-declaration-scheme2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/income-declaration-scheme2016\/","title":{"rendered":"Income Declaration Scheme\u20192016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eda19d69238\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eda19d69238\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/income-declaration-scheme2016\/#Income_Declaration_Scheme2016_%E2%80%93_Latest_Developments\" title=\"Income Declaration Scheme\u20192016 \u2013 Latest Developments\">Income Declaration Scheme\u20192016 \u2013 Latest Developments<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/income-declaration-scheme2016\/#a_Instruction_No_9_of_2016_IDS_dated_27-09-2016\" title=\"(a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Instruction No. 9 of 2016 (IDS) dated 27-09-2016\">(a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Instruction No. 9 of 2016 (IDS) dated 27-09-2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/income-declaration-scheme2016\/#Non_%E2%80%93indexation_of_assets_sold_prior_to_01-06-2016\" title=\"(Non \u2013indexation of assets sold prior to 01-06-2016)\">(Non \u2013indexation of assets sold prior to 01-06-2016)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/income-declaration-scheme2016\/#b_Instruction_No_10_of_2016_IDS_dated_28-09-2016\" title=\"(b)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Instruction No. 10 of 2016 (IDS) dated 28-09-2016\">(b)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Instruction No. 10 of 2016 (IDS) dated 28-09-2016<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<figure id=\"attachment_8957\" aria-describedby=\"caption-attachment-8957\" style=\"width: 660px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/10\/5.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-8957\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/10\/5.jpg\" alt=\"www.carajput.com; CBDT\" width=\"660\" height=\"450\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/10\/5.jpg 660w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/10\/5-300x205.jpg 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><figcaption id=\"caption-attachment-8957\" class=\"wp-caption-text\">www.carajput.com; CBDT<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Income_Declaration_Scheme2016_%E2%80%93_Latest_Developments\"><\/span><strong><u>Income Declaration Scheme\u20192016 \u2013 Latest Developments<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"a_Instruction_No_9_of_2016_IDS_dated_27-09-2016\"><\/span><strong>(a)<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong><u>Instruction No. 9 of 2016 (IDS) dated 27-09-2016<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Non_%E2%80%93indexation_of_assets_sold_prior_to_01-06-2016\"><\/span>(Non \u2013indexation of assets sold prior to 01-06-2016)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">CBDT issues yet another clarification on the Income Declaration Scheme (\u2018IDS\u2019), clears air on making declarations with respect to sales made prior to June 1, 2016, of capital assets acquired out of undisclosed income and sale proceeds held in cash.<\/p>\n<p style=\"text-align: justify;\">Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclosed income invested in the acquisition of such capital asset as increased by the capital gain arising on sale of such asset determined in accordance with the provisions of the Income-tax Act, 1961 (i.e.sale consideration less indexed cost of acquisition).<\/p>\n<p style=\"text-align: justify;\">Clarifying the position, the Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market value of such asset as on 01.06.2016 shall be deemed to be the undisclosed income for the purposes of the Scheme. In this context, it may be noted that cash in hand is an asset for the purposes of the Scheme.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"b_Instruction_No_10_of_2016_IDS_dated_28-09-2016\"><\/span><strong>(b)<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong><u>Instruction No. 10 of 2016 (IDS) dated 28-09-2016<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">(Filing declarations in non-pan cases)<\/p>\n<p style=\"text-align: justify;\">In cases where the declarant is not having a PAN or PAN is pending allotment and the assessee is not likely to get PAN by the date of closure of the Scheme i.e. 30.09.2016, the CBDT has clarified that in such cases a declaration under the Scheme can be filed manually before the jurisdictional Pr.Commissioner\/Commissioner by quoting the date and acknowledgment number of the PAN application form.<\/p>\n<p style=\"text-align: justify;\">However, the jurisdictional Pr.Commissioner\/ Commissioner shall issue Form-2 only after the allotment of <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> to the declarant. The time limit provided for the issuance of Form-2 under sub-rule (3) of rule 4 of the Income Declaration Scheme Rules, 2016 in such cases shall apply from the date on which PAN has been allotted to the declarant.<\/p>\n<p style=\"text-align: justify;\">In case, PAN allotment could not be made due to non\u00adcompliance\/non-furnishing of documents by the declarant, the declaration shall be treated as invalid.<\/p>\n<p>We look forward for your valuable comments.\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=gAQHsWv16AQFzlc4f70dAECucTda_B9jilKfCgneeqqu7PA&amp;enc=AZPUk1qSy7_DGmookvElFjnUXYX3K0FPXVQ6LxfUnjgljqDX0P6jFZnpNH5t7Yt6TpvPD_TBP30DWaadPDKvaBy4FKUuIg27nk64qxy4GjjzfG96BrSAO9DKSM7QZ-zRr0H_1seDnwx81zv7LENE7mngqEq05doeSutrNoPIQRvjIbEFb_PEZA8D1pUlJzy7MCsIwWN_xt9o3UmaFFdtL9S1&amp;s=1\">www.carajput.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=SAQGflxq6AQEemiXU5m1Sleu5gX786YxP36euwMDL4osVrw&amp;enc=AZNOhiS8emvOi54UCNVnOtgbK0wGSKeEDPbJpQZAlf7cr5YxodSOowKyOSqQSaPOGvHdnvM7BqIC59kJjZSk01ga1fRZiYW43kCBMakJLj2AABFBk9rS2CYBcAfrJuc94lg0aPhuGpayaxGpsPeGoOhC-uzXppp1p3gEF_2Ypq758ZRU2ATuk77eX5g1paVf-MLMxpH-3DA9l9FUmq44lBe_&amp;s=1\">www.carajput.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0 T: 011-233-4-3333, 9-555-555-460<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income Declaration Scheme\u20192016 \u2013 Latest Developments (a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Instruction No. 9 of 2016 (IDS) dated 27-09-2016 (Non \u2013indexation of assets sold prior to 01-06-2016) CBDT issues yet another clarification on the Income Declaration Scheme (\u2018IDS\u2019), clears air on making declarations with respect to sales made prior to June 1, 2016, of capital assets acquired out of undisclosed &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[5054,5055],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2732"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=2732"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions"}],"predecessor-version":[{"id":20511,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions\/20511"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}