Clarification sought on Income Declaration Scheme, 2016
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Vide Finance Act 2016, the Income Disclosure Scheme 2016 (IDS) has been launched for window period of 01.06.2016 to 30.09.2016. The present scheme is almost pari-materia to the earlier schemes like VDIS-1997, Amnesty Scheme-1985, VDS-1975, VDS-1965 etc., with slight changes here and there. However, the litigation arose only due to lack of clarity on the issues and also the extent of the powers the AO can use subsequent to issuance of certificate by CIT accepting the declaration. To avoid such situation, necessary clarifications need to be issued.
Based on the Scheme including rules framed there-under, forms notified and the 3 circulars issued in this regard so far and many judgments rendered by Hon’ble courts in regard to earlier schemes, certain clarifications are required in respect of this Scheme. The queries in respect of which this clarification is being sought are