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VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME, 2013

The new amnesty scheme is effective from 10.05.2013 to encourage voluntary compliance of tax payments for the period 01.10.2007 to 31.12.2012. The defaulters are given GOLDEN CHANCE to take the benefit at the appropriate time. The details of scheme are as under :-
1. (i) The scheme can be used of by non-filers or stop-filers or persons who have not made a truthful declaration in their return. However it will not be applicable to persons against whom any inquiry or investigation is pending by the issue of search warrant or summon or by way of audit;
(ii) The person will be required to make a truthful declaration of all his pending tax dues (from October1, 2007 to December 31, 2012) and pay atleast 50% of the dues before December 31, 2013; remaining balance to be paid on or before :
(a) June 30, 2014 without interest; or
(b) By December 31, 2014 with interest from July 1, 2014 onwards;
(iii) After completing the said formalities, the person will have immunity from interest (as specified), penalties and other proceedings;
2. The scheme will come into force when the Finance Bill is enacted. It is clarified that the tax-payers will need to settle their dues for the period after December 31, 2012 under the present law.
3. Under this Scheme, the person may make a declaration to the designated authority on or before the 31st day of December, 2013 in such form and in such manner as may be prescribed. and submit proof of such payment to the designated authority.
Where the declarant fails to pay said tax dues or part thereof on or before the said date, he shall pay the same on or before the 31st day of December, 2014 along with interest thereon,
4. The declarant shall furnish to the designated authority details of payment made from time to time under this Scheme along with a copy of acknowledgement issued to him.
The declarant, upon payment of the tax dues declared by him shall get immunity from penalty, interest or any other proceeding.
5. The declaration made shall become conclusive upon issuance of acknowledgement of discharge and no matter shall be reopened thereafter in any proceedings under the Chapter before any authority or court relating to the period covered by such declaration.
6. Any amount paid in pursuance of a declaration shall not be refundable under any circumstances.
7. Where the declarant fails to pay the tax dues, either fully or in part, as declared by him, such dues alongwith interest thereon shall be recovered under the provisions.
8. Where the Commissioner has reasons to believe that the declaration was substantially false, he may, for reasons to be recorded in writing, serve notice on the declarant in respect of such declaration requiring him to show cause for the same.
9. No action shall be taken after the expiry of one year from the date of declaration.
10. No Cenvat Credit shall be utilised for paymentmof tax dues under this scheme
(Refer our Latest News for further details / updates)

 

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