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In the year Budget 2016-17, there had been a limited proposal to gather tax through Tax Compliance Window for domestic taxpayers, so that they can disclose any undeclared income of previous years. The provision known as the IDS is now a part Finance Bill, 2016. The scheme gives an opportunity to everyone for coming out with any incorrectly accrued income in the prior years, or those who did not pay tax properly in the prior years or those who have undeclared assets in any form. The scheme stayed functional for a 4-month period. The declaration was submitted from 1st June, 2016 onwards until 4 months.

IDS 2016

Features

What declaration does IDS handle?
- Applicable to all undisclosed income. Be it investment in assets or otherwise, it may pertain to FY 2015-16 or prior years.
Nevertheless, assets held in a foreign country and income applicable to Black Money Act, 2015 are not eligible for declaration under this scheme.
In you fail to deliver a proof of Income Tax Return of prior years under section 139 of the Income-tax Act, this income will now get declared under the new scheme.
In the situation when undisclosed income is an asset, how is the value calculated?
- When the declaration amount is an asset investment, the Fair Market Value of this asset as on 1st June, 2016 is the undisclosed income under the Scheme.
The person making declaration can claim an expense or income tax deduction/allowances in respect of income declared under The Income Declaration Scheme?
- No deduction of expenditure or allowance shall be allowed.
What is the applicable Income Tax rate on such income?
The declarant is required to pay tax, cess and penalty at these rates:
- Income Tax at the rate of 30% on the declared income,
- Surcharge in the form of Krishi Kalyan Cess at the rate of 25% on the taxes payable (i.e., at the rate of 7.50% of the disclosed income)
- Penalty at the rate of 25% on the taxes payable (i.e., at the rate of 7.50% of the disclosed income)
- So, the total applicable income tax rate is 45% of the income declared under the scheme.

What is the last date to pay the taxes?
- The payments for taxes such as surcharge and penalty were to be made latest by end of November, 2016. When taxes were not filed by this date, the declaration became null.
Where to submit the declaration form?
- It is possible to file declarations online (exact procedure is yet to be announced) or with the jurisdictional Principal Commissioners or the Commissioner of Income-tax across the country.
Is it possible to submit multiple Declarations?
- Only a single declaration has to be filed.
Is it possible to get any Refund of the Taxes paid?
- No, any amount of tax and surcharge paid under this scheme shall not be refundable.

IDS scheme & Benefits to the Declarant

Will there be any scrutiny on these declaration(s)?
- No kind of enquiry under the Income-tax Act or the Wealth tax Act will happen in regard of such declarations.
Is Wealth Tax applicable on the disclosed amount?
- Assets specified in the declaration shall not be considered a wealth tax.
Will there be any impact on the already filed ITRs?
- Undisclosed income declared will not affect the completed tax assessments.
Immunity from prosecution.
The complete amount of income stated under this scheme is not inclusive in the Total Income of the declarant for any assessment year under the Income Tax Act.

How to Download Form-1 (IDS) Utility

Go to the Income e-Filing portal
Under "Downloads" section, click on "Forms (Other than ITR)"
Form 1 can be downloaded by clicking on the "Download" button.

Other Related Forms

Form 1- Declaration Form (to be filled by declarant by 30th Sept, 2016).
Form 2- Acknowledgement of declaration (to be issued by PCIT/CIT within 15 days from the end of the month in which declaration is filled).
Form 3- Imitation of payment of tax, surcharge & penalty ( o be furnished by declarant to PCIT/CIT 30th Nov, 2016).
Form 4- Certificate of declaration (to be granted by PCIT/CIT within 15 days from the date of intimation of payment).

The Direct Tax Dispute Resolution Scheme, 2016

There is another government scheme known as the ‘direct tax dispute resolution scheme’ that has been in use since 1st June, 2016. As per this system, the declarant can make a declaration in relation to tax dues / specified tax against which some appeal is waiting before the Commissioner of Income-tax. One can recall that a similar Voluntary Disclosure Scheme was initiated back in 1997. This was a partial success and a harbinger of hope for the latest attempt at reclaiming black income.