PARTICIPATE IN IDS-2016 WITH POSITIVE MINDSET, SAYS MOS FINANCE AT PHD CHAMBER

 Minister of State for Finance, Mr. Arjun Ram Meghwal on Monday asked India Inc. not to read too much between the lines of Income Declaration Scheme-2016 of the government and on the contrary weigh its pros and corns with positive mindset and accordingly make honest disclosures and reap their maximum benefits.

Addressing a Conference on Income Declaration Scheme-2016 under aegis of PHD Chamber of Commerce and Industry here today, Mr. Meghwal said that the scheme has been designed to profit those that have hitherto refused to disclose their evaded income. 

“Now with this scheme in place, the Modi government has made it amply clearer that disclosures hidden with ulterior motive by tax payers should not be spared at the cost of those that have been making honest declaration of their income at an average rate of 30% - 35%”, said the minister.

He, however, called upon the industry that it should come out in open and make legitimate suggestions in case it finds certain flaws in the scheme, the government is open to stand corrected.  Although, the minister clarified that the scheme has been designed in a manner so that its inclusiveness is retained at all cost.

Speaking on the occasion Member (L&C), CBDT, Ms. Rani Singh Nair said that the taxes payable under the scheme can be paid off in three instalments which include November 2016 and March & September 2017, emphasising that in her long carrier in revenue services such a scheme has been brought out for the first time and that industry should take its advantage in optimum.

In his welcome remarks, President, PHD Chamber, Dr. Mahesh Gupta complimented the government for bringing out such a scheme which according to him is almost flawless and that industry should make its use to its advantage and as well contribute its share to the government kitty.

Among other who spoke on the occasion comprised Commissioner (TPL), Mr. Rajesh Kumar Bhoot; Principal CCIT (Delhi), Mr. Arbind Modi; Former Chairman, Income Tax Settlement Commission, Mr. S R Wadhwa; AZB Partners, Mr. Ajay Bahl; Senior Vice President, PHD Chamber, Mr. Gopal Jiwarajka and its Secretary General, Mr. Saurabh Sanyal.