The Central board of direct Taxes (CBDT) today issued clarification and a bunch of Frequently Asked Questions (FAQs) to clarify the confusion of the newly introduced income declaration scheme.
This is the second set of FAQs issued by the CBDT and this time a total of 11 queries have been answered. Earlier CBDT has answered 14 such questions.
The question regarding the part payment of tax, CBDT has answered, “In case of part payment, the entire declaration made under the Scheme shall be invalid. The declaration under the Scheme shall be valid only when the complete payment of tax, surcharge and penalty is made on or before 30.11.2016”.
The CBDT also clarified that,” The Scheme is available to every person, whether resident or non-resident”
The seventh question in FAQ dealing with PAN, It is mandatory for making a declaration under the Income Declaration Scheme (IDS). PAN is the unique identifier for all direct tax purposes. This is also necessary in order to claim the benefits and immunities available under the Scheme, the circular said.
Read the full text of the circular below.