The Government has revised the time schedule for making payments under Income Declaration Scheme 2016. As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30th of November this year and a further amount of 25 percent by 31st of March next year. A Finance Ministry release said the balance amount can be paid on or before 30th of September 2017. The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30. Tax and penalty on income declared, as per the original scheme, is to be paid by November.
The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short. The scheme provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on undisclosed assets. The scheme applies to both residents as well as non-residents (as both these categories could have taxable income that can be declared under the IDS).
So let’s discuss some questions related to this post:
1. The window under the Income Declaration Scheme 2016 will be opened till which date?
2. The Income Declaration Scheme 2016 is providing an opportunity to domestic black money holders to come clean by paying tax and penalty of how much percentage on undisclosed assets?
Courtesy: The Hindu