He said over one lakh cases under this database relate to transactions of over Rs 1 crore. The CBDT boss, to whom the Income Tax department reports, called the IDS a one-time opportunity given to black money holders to come clean.
“The Finance Minister has clarified in all the meetings that this (IDS) is not an immunity scheme and any comparison with past disclosure schemes should not be done. We have tried to give an opportunity to those taxpayers to come clean, who, because of some reasons could not report their correct income in the past…just an opportunity has been given, just a window has been given,” he said.
He said the I-T department is “very very serious” about combating tax evasion.
“We have an extensive database of information collected from various sources which we are utilising and we will utilise more effectively during the days to come,” he said.
As part of the IDS exercise, the CBDT recently clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.
The clarification in the form of fourth set of frequently asked questions (FAQs) stated that there is no intent to “modify or alter the rate of tax, surcharge and penalty payable under the Scheme which have been clearly specified in the Scheme itself” Besides, the government has extended the deadline for payment of tax and penalty under IDS and allowed declarants to pay the amount in three instalments by September 30 next year. The first instalment of 25 per cent under the IDS 2016 will have to be paid by November 2016 to be followed by another one of 25 per cent by March 31, 2017.
The remaining amount will have to be paid to the exchequer by September 30, 2017.Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30 this year.