The Central Board of Direct Taxes(B) CBDT has recently instructed the jurisdictional Pr.Commissioner/Commissioner to receive the declarations under the Income Declaration Scheme from assesses who do not have a PAN Card. It is mandated that in such a case, the declarant shall quote the date and acknowledgment number of PAN application form. The persons, who do not have a PAN Card, but would like to file declaration under the Scheme before the due date will get the benefit of this instruction.
However, the circular restricts the issue of form-2 before the allotment of PAN Card. it is stated that “The time limit provided for issuance of Form-2 under sub-rule (3) of rule 4 of the Income Declaration Scheme Rules, 2016 in such cases shall apply from the date on which PAN has been allotted to the declarant. In case, PAN allotment could not be made due to non-compliance/non-furnishing of documents by the declarant, the declaration shall be treated as invalid.”
The Income Declaration Scheme, 2016 is an opportunity for all the tax payers to disclose their undisclosed income before the Government by paying tax at the prescribed rate. The said scheme came into effect on 01.06.2016 and the last date for filing declarations under the IDS Scheme is 30.09.2016.
Read the full text of the instructions below.
