Millennium Post

‘Hurry!’ says I-T Dept as black money window nears its end

The Income Tax department on Saturday said that those holding potential black money should hurry up and declare their stash funds under the one-time domestic compliance window as only 20 days are left for the Income Declaration Scheme (IDS) to close. “The Income Declaration Scheme closes on 30.09.2016. Only 20 days left. Hurry, declare now!,” the department said on its official Twitter handle.

It said that a facility to declare such assets by the internet-based e-filing portal of the department has also been activated which ensures secrecy of the declarations. “IDS,Cir.31 dt 30.08.16 clarifies that info. of declarant filing electronically with digital sign will not be shared with jurisdictional PCIT,” another tweet said.

The CBDT, while issuing its sixth clarification on the IDS, had ruled out any extension of the four month window that ends on September 30. The Central Board of Direct Taxes, the policy-making body of the I-T department, has issued multiple sets of frequently asked questions (FAQs) containing answers to various questions on the implementation of the IDS.

The government had also extended the deadline for payment of tax and penalty under IDS and allowed declarants to pay the amount in three instalments by September 30 next year. The first instalment of 25 per cent under the IDS 2016 will have to be paid by November 2016, followed by another 25 per cent by March 31, 2017.

The remaining amount 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.

The scheme was announced by the government with an aim to bring out black money from the domestic economy. The government had come out with a similar scheme for Indians holding undisclosed income abroad. The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier. 
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