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Coimbatore
Marathon to create awareness about Income Disclosure Scheme
July 24, 2016
The Government of India, in a bid to encourage people to disclose their income and pay taxes for the same, has introduced the Income Disclosure Scheme (IDS) this year. Individuals who have earned income before March 31, 2016, and have not paid taxes for them can come forward and do so under the I.D.S. In order to create the awareness about the IDS and also to encourage the public to utilize it, the Income Tax (IT) Department, Coimbatore, organized a marathon in the city this morning.
Flagging off this marathon, M. Tirumala Kumar, Principal Commissioner of Income Tax, said, “The Modi government has introduced the IDS this year. This is the last opportunity for tax evaders to come clean. For declared income that is earned on or before March 31, tax at 30%, Krishi Kalyan cess of 7.5%, plus penalty of 7.5%, adding up to a total tax rate of 45% will be payable. Those who do not utilize the scheme will have to face stringent action from the Income Tax (IT) department.”
The last date to pay tax under IDS is September 30.
Speaking to the Covai Post after the marathon, Tirumala Kumar said, “For example, if an individual has earned an income of Rs. 1 crore before March 31 this year, he can come forward voluntarily and declare this income. He will have to pay a total of Rs.45 lakhs as tax, and the remaining Rs.55 lakhs can be used to do business or for other purposes. Individuals who do not pay their taxes under the IDS can face imprisonment, apart from having to pay huge penalty too.”
We are told that the IT department has a list of tax evaders. After September 30, notices will be sent to those who do not pay taxes.
More than hundred men and women participated in the marathon this morning. The participants were given two choices – either the three-kilometre run or the five-kilometre one. The Income Tax Department office on Race Course Road was the starting point. Runners crossed Big Bazaar store, Sungam, Carmel Garden School, reached Red Fields, and crossing Vivanta by Taj Surya Coimbatore, they finished the marathon at the Income Tax Department office. The first five men and women runners who completed the run, in each of the categories, were given trophies.
After the marathon, the National Service Scheme (NSS) volunteers of Sri Krishna College of Arts and Science cleaned up the Income Tax Department premises.
