Income Disclosure Scheme 2016 : Amnesty Scheme Leaked Amid High Confidentiality

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Income Disclosure Scheme 2016

The last day of submitting the taxes for all the taxpayers have already approached, as September 30 is stated to be the deadline of Income Disclosure Scheme (IDS) 2016. However, despite high confidentiality levels strictly imposed by the Government, the Amnesty Scheme is getting leaked. And as per reports, the collection of taxes from the finance as well as real estate sectors along with jewellery business has reached up to Crores.

Reports have also stated about the collection of income taxes from Surat and Tamil Nadu. As the income tax collection in Surat have gone up to Rs. 1,100 Crores until September 23. Even the collection of income taxes under Income Disclosure Scheme 2016 has settled down to Crores in Tamil Nadu. However, the proper amount has not yet been calculated.

According to a report by International Business Times, a statement was issued by the apex body of Central Board of Direct Taxes (CBDT) regarding the reduction of information being leaked. The CBDT mentioned in a statement that “The confidential handling of declarations made under the Scheme is of utmost importance to the Income Tax Department and the CBDT is aware of its responsibility towards fulfilling this crucial role,”. It was also declared by the CBDT that they will be issuing a formal and a confirmed press release regarding the aspect once the Scheme comes to an end on September 30.

Through Income Disclosure Scheme 2016 people will be disclosing their income to the government so that they do not get a chance to evade with the amount of  taxes that they should pay to the government. This will help the government in many ways financially such as building infrastructures and maintain the condition of our country. The government came up with this Scheme in order to exclude black money. And this is an opportunity for all the taxpayers to disclose their exact income instead of evading it.

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