The Central Board of Direct Taxes (CBDT) recently extended the time limit for issuing acknowledgement in Form 2 under the Income Declaration Scheme from 15 days to 30 days.
As per rule 4 Income Declaration Scheme, Rules, 2016 the Principal Commissioner/ Commissioner required to issue acknowledgement in Form 2 to the declarant within 15 days from the end of the month in which the declaration has been furnished. Accordingly, the acknowledgment in Form-2 for the declaration filed in the month of July, 2016 is expected to be issued by 15th August, 2016.
Earlier, the time schedule for payment of tax, surcharge and penalty payable under the Income Declaration Scheme, 2016 has been extended by the CBDT vide notification No. S.O.2476(E) dt. 20.07.2016055.as specified in the Notification, the necessary amendments to Form-2 as prescribed in the Rules are in the process of being made.
Read the full text of the notification below.