TIL Desk/Business/New Delhi-The Income Tax department today held an awareness conference to popularise the scheme of one- time domestic black money compliance window in the business community and others in Delhi. A session on the Income Declaration Scheme (IDS) was held in Wazirpur Ring Road area by Principal Commissioner of Income Tax (Range-12) A K Chauhan.
He addressed about 200 participants who were brought together by the manufacturers and traders association of the area in north Delhi. Chauhan told the participants about the salient features of the scheme and said the declarants under IDS will face no action under the Income Tax Act and the Wealth Tax Act if they declare their untaxed assets under it.
He said by making a one-time payment of penalties under IDS, the declarants of such assets can also get rid of lengthy litigations and inquiries by the taxman. “The scheme is a one-time opportunity and declarants should use it and come out clean,” Chauhan said. During the session, Chauhan also provided answers to a number of questions raised by the traders and other participants. He assured he will take their suggestions and demands to the higher authorities.
