Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window.
In a series of tweets, Revenue Secretary Hasmukh Adhia said expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for income disclosure scheme (IDS) would be extended.
“We want to make it very clear that the last date for Income Declaration Scheme will not be extended,“ Adhia tweeted.
Under the IDS, people can disclose their undeclared income and escape prosecution. The scheme, which was launched on June 1 to uncover black money, closes on September 30. Those disclosing assets under the IDS will have to pay 45% tax plus penalty. Also the payments can be made in three instalments till November 2017. – www.economictimes.indiatimes.com[24-09-2016]