Cheers of traders comes to halt. Government has revised LBT Amnesty Scheme. Incorporated changes suggested by Municipal Corporations. Now the Amnesty scheme is balanced, from earlier being too Tax Payer friendly.
LBT Amnesty Scheme was announced on 3rd June 2015. Giving option to tax payers to pay all the dues without interest and penalty. Which was a dream come true because of all Tax Payer Friendly provisions in the Amnesty Scheme like
- No tax, interest or penalty will be charged after 31st Dec 2015.
- Only 10% of the assessee will be assessed
- All assessment will be completed by 31st Dec 2015 (i.e. in just 5 months - Aug to Dec)
- If in amnesty scheme also dealer fails to disclose and pay LBT upto 10%, no interest and penalty will be charged.
The following changes / amendments will be made in the Amnesty Scheme.
- Traders defaulting LBT will have to shell out penalty along with interest
- Deadline of March 31, 2016 to complete assessment of traders registered under LBT
This Article will be updated soon, as we have more info on amendments made in Amnesty Scheme.
* - There is no Official Circular or Notification regarding withdrawal of LBT from 1st August 2015. Read article on this - here
Read about LBT Amnesty Scheme in Detail - here
Application for LBT Amnesty Scheme - here
Hearing from Jimmy Pauly (draft committee on #localbodytax #amnesty scheme) at TMA hall, a seminar by TISSA pic.twitter.com/FWHkC9IYUR— Adarsh Madrecha (@adarshmadrecha) June 20, 2015
Source : Times of India#localbodytax #amnesty scheme at TMA hall, a seminar by TISSA Read about Amnesty Scheme here http://t.co/21eVAKwZde pic.twitter.com/9UnI2WH4LR— Adarsh Madrecha (@adarshmadrecha) June 20, 2015