This is no April Fools Day headline. This progressive government , after taking the gigantic step of demonetization in the country , desires that people who have earned black money should start afresh a new and honest life by declaring black money or hidden investments voluntarily . That is , perhaps the reason that it has brought in another VDIS type legislation in full swing . In fact, comparing PMGKY , this VDIS is much better . Why ? Here are the reason
- Under This VDIS , the total cost is just 3 % higher than the PMGKY ( See calculator below). Only if income is more than 50 Lakhs ( for FY 2017-18) , cost is higher.
- Under PMGKY , you could declare only cash or deposit , but under this VDIS , you can disclose all kinds of assets
- Under PMGKY , the final authority to accept the disclosure was Pr.CIT, whereas no such authority is declared for this VDIS
- Under PMGKY , money once paid was not refundable , however under this VDIS , the money can be returned , although legal battle will surely happen with department
5. PMGKY is over , but this VDIS is continuing . Because government did not give too much stress on this over the PMGKY, many tax payer might have lost the opportunity to take the benefit
So , are you eager to know about this voluntary disclosure provision available to you ……..then read on