CBDT clarifies unconfirmed reports speculating on the taxpayers’ response to the currently on-going Income Disclosure Scheme (IDS) 2016

Certain sections of the press have been speculating on the taxpayers’ response to the currently on-going Income Disclosure Scheme (IDS) 2016 over the last couple of days. The Central Board of Direct Taxes (CBDT) would like to clarify that these are not based on any statements issued by the Department

The Department has since the commencement of the scheme, set to rest, various concerns of the taxpayers through public meetings and through the issue of FAQs over the last 3-1/2 months. The benefits of the scheme have also been publicised through print and electronic media, in both national and regional languages. The scheme has generated a good interest and the response of the taxpayers has been steadily growing. The last few days remaining for filing of declarations are expected to give good results.

The CBDT has so far refrained from issuing any statement regarding number of declarations received, amounts declared or taxes paid under the Scheme in order to ensure complete confidentiality. The confidential handling of declarations made under the Scheme is of utmost importance to the Income Tax Department and the CBDT is aware of its responsibility towards fulfilling this crucial role.

A formal and confirmed press release on the above aspects will be issued from the CBDT after the Scheme closes on 30th September, 2016.