 "Lower fines, but more powers to assessing officers")
The Income Tax (IT) department is gearing up to hold meetings with tax consultants, traders and industrial organisations in in Uttar Pradesh (East) to discuss the Income Declaration Scheme 2016.
The IT department has launched the scheme under the Finance Act 2016, whereby an opportunity has been given to people who have not disclosed their income or paid taxes in the past.
The central government has provided a four-month amnesty scheme starting from June 1 to tax evaders, giving them a chance to come clean and pay 45 per cent tax.
Recently, on the direction of UP East Region Principal Chief Commissioner of IT Sushil Kant Mishra, senior IT officials had confabulated with the members of the IT bar association and IT chartered accountants here on the topical issue.
