The government has said that extension of IT declaration scheme is out of question. The scheme closes on September 30
GN Bureau | September 5, 2016
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The scheme has come into effect from June 1, 2016 and is open for declarations up to September 30, 2016.
The amount payable under the scheme can be paid in instalments – 25 percent of the total amount payable by November 30, 2016; another 25 percent by March 31, 2017 and balance 50 percent by September 30, 2017, a press release said.
An option has been provided to the declarants to file the declaration under the scheme electronically under digital signature with the Commissioner of Income-tax, Centralised Processing Centre, Bengaluru [CIT(CPC)]. In case the declarant exercises that option, the declaration shall not be shared with the jurisdictional Principal Commissioner/Commissioner under the Income-tax Act.
It is envisaged that no further clarifications on the scheme shall be issued, said the press note. “The extension of the scheme is out of question.”
The government has addressing the following major issues:
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