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IDS: CBDT says bona fide revised declarations will be valid Read more at: http://economictimes.indiatimes.com/articleshow/55442829.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A directive has also been issued to clarify what should the taxman do in cases where an assessee claims that a tax issue under pending assessment proceeding is covered by his or her declaration made under IDS.NEW DELHI: CBDT has said a “revised” and bona fide declaration made under the one-time black money disclosure window that ended on September 30 will be allowed even if the undisclosed income under it is less than what was committed earlier.

The latest directive was issued after field offices of the Income Tax department raised queries on the issue as they found that some revised declarations filed under the window, also called the Income Declaration Scheme (IDS), were genuine but th ..

“In such cases a facility has been provided to the jurisdictional Principal Commissioner or Commissioner to generate rectified Form No 2 (acknowledgement) on the department systems,” the Central Board of Direct Taxes said.

A directive has also been issued to clarify what should the taxman do in cases where an assessee claims that a tax issue under pending assessment proceeding is covered by his or her declaration made under IDS.

“In this context, it is clarified that in ..

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