DVAT:
The Delhi VAT Department has further extended the last date of filling of online/ hard copy of DVAT return for Q4 of Financial Year 2015-16 (i.e. Jan.-March 2016), in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures/ enclosures upto 23rd May 2016. However, the tax due shall continue to be paid in the usual manner as per the provisions of section 3(4) of the DVAT Act, 2004. The dealers filing the returns through digital signature need not file hard copy of the return/ Form DVAT 56.
Ministry of Finance:
Ministry of Finance has announced Income Declaration Scheme, 2016. The government is providing a 4-month window starting from June 1, 2016. Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30 per cent plus a Krishi Kalyan Cess of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable, thereby totalling to 45 per cent of the income declared under the scheme. The scheme shall apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.
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