With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times.
Till now, the regional heads of the tax department could only spend Rs 1 lakh per annum under the 'advertising and publicity' head. But it has now been hiked keeping in mind the extensive media campaign for the ongoing four-month domestic black money widow, the Income Declaration Scheme (IDS), and the ambitious Dispute Resolution Scheme.
As per fresh directives, the regional Principal Chief Commissioner of I-T (PCCIT) can now spend up to Rs 50 lakh as compared to Rs 1 lakh while the comparative figures for CCIT and PCIT rank officials have been enhanced to Rs 30 lakh and Rs 20 lakh, respectively for ensuring publicity of the two schemes exclusively.
While IDS is operational between June-September for people who want to disclose their domestic stash, DRT is aimed at reducing litigation between the taxpayer and the taxman by December 31.
The Central Board of Direct Taxes (CBDT) has recently ordered the Income Tax department to step up publicity of the ongoing one-time black money compliance window by advertising it at posh markets, clubs and showrooms and ensure full privacy of those making disclosures for better collections.
It has also sought regulation of leaves of all tax department officials over the next three months in order to provide as much time as possible for the success of IDS.
CBDT has so far issued four sets of clarifications or Frequently Asked Questions (FAQs) to clear doubts and answer queries about IDS.
The government had yesterday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three instalments by September 30 next year, making an extension of one year.
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