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| No Passing Off Black Money |
| No Passing Off Black Money As Current Income, Warns Income Tax Department
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| INDIA
, 30-June-2016
21:24:6 PM |
| The Income Tax Department on Thursday warned black money holders of prosecution if they tried to pass off such wealth as current income instead of disclosing it in the one-time compliance window.
In its third set of FAQs, the I-T department assured full confidentiality of information even from other law enforcement agencies and no enquiry of source of income.
It said the Income Disclosure Scheme (IDS)-2016 provides immunity under the I-T Act, 1961, Wealth-tax Act, 1957 and the Benami Transactions (Prohibition) Act, 1988.
"Immunity from Benami Transactions (Prohibition) Act is subject to the condition that the property will be transferred to the declarant (being the person who provided the consideration for the property) latest by September 30, 2017," the I-T department said.
The third set of Frequently Asked Questions (FAQs) released by the I-T department covers 11 queries raised by stakeholders regarding the IDS.
"The information contained in the declaration shall not be shared with any other law enforcement agency. The information will also not be shared within the Income Tax Department for any investigation in respect of a valid declaration," the FAQ said.
To a query on whether undisclosed income can be passed on as current income in the return of income to be filed for Assessment Year 2017-18, the I-T department said "declaration of past undisclosed income in the current year amounts to false verification of return of income which shall attract prosecution under the I-T Act
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