Central Govt. extends Time Limit for Income Declaration Scheme to 30th Sep 2016

Income Declaration Scheme - Finance Act - taxscan

The Central Government has decided to extend the deadline given for declaration of Undisclosed income upto 30th September 2017. The decision was in consequent to the requests made by various stakeholders.

As per the new plan declared by the Government has a minimum of 25 per cent of the tax, surcharge and penalty is to be paid by November 30, 2016, another 25 per cent by March 31, 2017, and the remaining amount by September 30, 2017. The previous deadline for the entire payment of the tax, interest, and penalty was November 30, 2016.

It further states that “During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid form are not readily available with the declarants. It has also been mentioned that for making payment by 30.11.2016, the declarants may have to opt for distress sale of the assets.”

A Notification in this regard is expected to be published soon in the official website of Central Board of direct Taxes.