The government on Thursday Dec 15,2016 extended the deadline for payment of tax
and penalty under the black money disclosure scheme and allowed
declarants to pay the amount in three installments by September 30 next
year.
Revenue Secretary Hasmukh Adhia said at a Ficci seminar that staggered payment schedule will ensure that tax payers are not forced to resort to distress sale of their assets to pay taxes on income disclosed under the scheme.
The first installment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another installment of 25 per cent by March 31, 2017.
The remaining amount, according to a finance ministry statement, will have to be paid to the exchequer by September 30, 2017.
Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30,2016
The Revenue Department has decided to revise the time schedule for making payments after taking into consideration the practical difficulties being faced by the stakeholders, it said.
The Budget for 2016-17 announced a 4-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, pay a tax and penalty of 45 per cent and escape prosecution and harsher punishment.
The window under the IDS 2016 opened on June 1 and will close on September 30,2016
Revenue Secretary Hasmukh Adhia said at a Ficci seminar that staggered payment schedule will ensure that tax payers are not forced to resort to distress sale of their assets to pay taxes on income disclosed under the scheme.
The first installment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another installment of 25 per cent by March 31, 2017.
The remaining amount, according to a finance ministry statement, will have to be paid to the exchequer by September 30, 2017.
Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30,2016
The Revenue Department has decided to revise the time schedule for making payments after taking into consideration the practical difficulties being faced by the stakeholders, it said.
The Budget for 2016-17 announced a 4-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, pay a tax and penalty of 45 per cent and escape prosecution and harsher punishment.
The window under the IDS 2016 opened on June 1 and will close on September 30,2016
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