On 27th June 2016, BBA (Financial Services) Department organized a session on Income Declaration Scheme in collaboration with the Income Tax department. The main aim of the session was to create awareness that it is a one time opportunity to all the individuals who had not declared their income correctly in their previous years, to come forward and declare such income.
The resource person informed that the scheme is applicable for a period of 3 months commencing from 1st June to 30th September 2016. The mode of making declaration can be filled online or to jurisdiction commissioner of income tax department. As per scheme the tax surcharge and penalty is payable at 45% of the income declared. This scheme is a boon to all people as the declared individual applicants of these schemes do not have to give any justification for undiscloure in the past. This scheme is a benefit to all and one can enjoy peace of mind forever. The session was very beneficial to the students.
