Income Declaration: Fill & Download for Free

Income Declaration Scheme, 2016 is launched by Income Tax Department, Govt. of India.The Scheme provides an opportunity to citizen who has not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to forty-five per cent of such undisclosed income declared. One time opportunity to all the citizen who have not declare income correctly in the earlier years to come forward and declared such undeclared income. Declaration to be made from 1st June, 2016 to 30th September, 2016.All citizen including individuals, HUFs, companies, firms, association of person etc. are eligible to make declaration under this scheme.The amount payable by declarant should be:Tax @ 30% of undisclosed incomeSurcharge @ 7.5% of undisclosed incomePenalty @ 7.5% of undisclosed incomeTOTAL: 45% OF UNDISCLOSED INCOME DECLARED

MODI ON PAKISTANWhen he was elected, he followed the path of Aman ki Asha. Even visited Nawaz Sharif (surprise visit). Even after Pathankot attack, he gave Pakistan a second chance.However, after the Uri Attack, Pakistan got what it deserved. India was successful in isolating Pakistan globally. Countries like Russia, Myanmar, France, USA, Japan, UK, Saudi Arabia etc have condemned the attack.Sri Lanka, Bangladesh, Nepal didn’t go to the SAARC meet in Islamabad after India refused to go.Surgical Strike was a great news for India too.No one can see any fake promise here. When they did something wrong, PM Modi did the right thing.MODI ON BLACK MONEYMr. Modi in 2014 election campaign promised to bring back black money. And he is surely successful in fulfilling his promise.1- We have Income tax raids, which increased significantly after Modi came to power.Black money: 300% rise in raids, seizures by Income Tax Department - The Economic TimesBlack money: 145 I-T raids unearth Rs 3,300 cr in four months - Times of IndiaIT raids on education group unearth Rs 43crore black money - Times of India2- We have recovered black money from abroad.Black money: Government collects Rs 3,770 cr from over 600 stash holders - The Economic TimesRs 13,000 crore black money unearthed from overseas bank accounts - Times of India3-We had a successful Income Declaration Scheme. It generated Rs. 65,000 Crores.Black money haul: Rs 65,250 crore disclosed through Income Declaration Scheme - The Economic TimesNo one can see any fake promise here too.

The calculation sheet is absolutely wrong.Let’s get our fundamentals clear in this matter.The new Taxation Laws (2nd Amendment) Bill 2016, passed in the Lok Sabha provide for a tax of 30 per cent of the income declared, an additional surcharge of 33 per cent of the tax amount, and a penalty of 10 per cent of the declared income. This adds up to a total liability of about 50 per cent. In addition, the amendment states that 25 per cent of the declared income is to be deposited in an interest-free deposit scheme with a lock-in of four years.If undeclared, then the unexplained amount will face a flat tax of 60 per cent, a surcharge of 25 per cent of the tax amount, and a possible 10 per cent penalty at the discretion of the assessing officer. This takes the total levy on undeclared income or assets to as much as 85 per cent.[1]Now see the calculation chartA: Calculation sheet for the honest taxpayerIncome = Rs 100 lakhsIncome Tax = Rs 35 lakhsExpenditure = Rs 50 lakhsSaving = Rs 15 lakhsThis is more or less correct.B: Calculation Sheet for the dishonest taxpayerIncome = Rs 100 lakhsIncome Tax paid= NILExpenditure = Rs 50 lakhsMoney available with him = Rs 50 lakhsSaving = Declare as black and pays just 50% of Rs 50 lakhs i.e. Rs 25 lakhs and hence keep Rs 25 lakhsThis is wrong.There are two types of tax liabilities here according to the new amendments in the Income Tax laws.CASE 1: Person declares his income voluntarily/honestlyHe has to pay 50% of the income (not cash lying with him)Hence the income tax (including fine/penalty) paid by him on the income of Rs 100 lakhs = Rs 50 lakhsHis expenditure =Rs 50 lakhsHis savings = NILHis loss = Rs 15 lakhsCase 2: Income Tax department discovers his income/black money during raidHis income tax liability would be now 85% of the income of Rs 100 lakhsHence the income tax liability = Rs 85 LakhsHis expenditure (already done) = Rs 50 lakhsHis savings = (-) Rs 35 lakhsHis loss = Rs 50 lakhsThis 35 lakhs needs to be recovered by attaching his property like house, cars etc. His bank account would be immediately seized to recover the amount.You can now decide, who is cleverer of the two?Footnotes[1] Amid disruptions & uproar, Bill to tax deposits passed in Lok Sabha