I-T raid threat spurs voluntary disclosures

Ahmedabad: The Income tax department earlier this month launched Income Declaration Scheme (IDS) 2016, an opportunity for citizens to declare their undisclosed assets before September 30.
According to sources, several individuals have come forward from cities like Rajkot and Surat and disclosed their concealed income, assets and other property details before I-T officials of Gujarat zone.
According to sources, around five-six people have disclosed their income and assets under this scheme till now from Gujarat to the I-T department.
"These are mainly businessmen, and they have given details about assets which have been unaccounted. The scheme came into effect from June 1, is an opportunity for those who didn't disclose income or pay taxes thereon in the past.
Those who fail to comply to the scheme by the deadline, will have to face tough action," said a senior I-T official.
The I-T department has declared September 30 as the last date for declaring undisclosed income and assets and November 30 as the date by which the tax, surcharge and penalty may be paid.
While speaking to media on Saturday, Balveer Singh, principal chief commissioner, I-T, Gujarat zone, hinted stern action towards those who do not come clean on their income by the end of the scheme.
The senior I-T official said, "We have been keeping track of such individuals and tax evaders who have not yet been paying taxes. We will launch search operations at the premises of these individuals from October onwards, once the deadline is over."
On Sunday, PM Narendra Modi used his 'Mann ki Baat' radio programme to deliver a stern message - don't evade taxes and come clean by September 30.
"In our big cities, when we see some of the houses that are worth crores, there seems to be some discord. Some people make well over 50 lakh rupees a year, but don't declare it. They do this to avoid paying their taxes. I am calling on all of them to come forward and declare their true incomes and pay their taxes by September 30," said PM Modi in the radio address.
"There will be no leniency after that," he added.