'New Income Declaration Scheme and Gold Monetization Scheme are opportunities'

GUWAHATI, July 29: A workshop on the Income Declaration Scheme launched recently by the Government of India was organized by the apex industry body FICCI in association with FINER here on July 27. The scheme, which came into effect from June 1, 2016, suggests that any person can declare undisclosed income and pay tax, surcharge and pelty on the declared undisclosed income.

According to a press release issued by FICCI, it is an opportunity for those who did not disclose income or pay taxes thereon in the past.  Addressing the session, Northeast Principal Chief Commissioner of Income Tax CL Denzongpa laid special focus on the benefits of disclosing any uccounted money lying with the tax payers. He also added that the scheme is designed basically to encourage those honest tax payers, who, for some reason, could not disclose a part of their income timely.

In his remarks, FINER Chairman RS Joshi laid stressed on the importance of making the scheme a success. Various other salient features of the scheme were also discussed during the workshop.

The workshop also featured a discussion on yet another scheme launched by the Government of India, called the Gold Monetization Scheme. Speaking on the benefits of this scheme, renowned chartered accountant from Guwahati Somesh Bose highlighted that Gold Monetization scheme is a tool for mobilizing any unused gold possessed by many households or institutions subsequently turning it to a productive asset backed by some interests.

Among others, Principal Director of income Tax Shishir Jha and tax expert Ramesh Goenka were also present, the release said.