Govt: Disclosures under black money scheme confidential

Tribune News Service

New Delhi, September 15

In a bid to allay fears over the ongoing black money disclosure scheme and attract more traction for the scheme which is set to close on September 30, the Finance Ministry today reiterated that any disclosure under the Income Declaration Scheme, 2016 (IDS) is confidential and will not be shared with any authority.

The IDS 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.

In respect of declarations filed with the Centralised Processing Centre, Bengaluru, the declaration shall not be shared even with the jurisdictional Income Tax Commissioner and payments made under the scheme shall not be visible to the jurisdictional officers.

Similarly, the declaration filed with jurisdictional Principal Commissioner/Commissioner shall not be shared with any authority within or outside the department including the jurisdictional Assessing Officer.

On the reports speculating on the taxpayers’ response to the IDS 2016, the Central Board of Direct Taxes (CBDT) today clarified that it has so far refrained from issuing any statement regarding number of declarations received, amounts declared or taxes paid under the Scheme in order to ensure complete confidentiality.

“The scheme has generated a good interest and the response of the taxpayers has been steadily growing. The last few days remaining for filing of declarations are expected to give good results”, the CBDT said.

In a related move, the Finance Ministry today also issued some clarifications on the Direct Tax Dispute Resolution Scheme, 2016 which has come into force from June 1, this year and can be availed up to December 31. The scheme aims to reduce the pending litigation in cases of direct taxes which are holding up government revenue as well as causing delays for taxpayers.