Income Declaration Scheme – Govt revises Time Schedule for Payments

By | July 14, 2016

Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments under the Scheme

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.

Taking into consideration the practical difficulties of the stakeholders, the Government has decided to revise the time schedule for making payments under the Scheme as under:

(i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 30.9.2017.

A Notification to this effect shall be issued shortly.

Book on income Declaration Scheme 2016

BUY

 

Related Post

  1. THE INCOME DECLARATION SCHEME 2016
  2. FAQ’s on Income Declaration Scheme 2016 ( Ist FAQ by CBDT)
  3. Income Declaration Scheme 2016 Clarification by CBDT via FAQ (2nd FAQ by CBDT)
  4. Income Declaration Scheme 2016  ( 3rd FAQ by CBDT )
  5. Form for Declaration under Income Declaration Scheme 2016
  6. Govt notified Secrecy to be maintained under Income Declaration Scheme 2016
  7. Jurisdiction for making declaration under Income Declaration Scheme 2016
  8. Income Declaration Scheme Rules 2016
  9. Income Declaration Scheme 2016 Explanatory notes
  10. Income Declaration 2016 , Declaration & Tax Payment Date Notified
  11. Income Declaration Scheme 2016 to open from 1st June 2016
  12. CBDT asks issues from public on Income Declaration Scheme 2016 & Direct Tax Dispute Resolution Scheme 2016
  13. THE DIRECT TAX DISPUTE RESOLUTION SCHEME 2016
  14. Govt proposed scheme to declare undisclosed income by paying 45% tax

2 thoughts on “Income Declaration Scheme – Govt revises Time Schedule for Payments

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