The Black Money Disclosure Scheme is ending on the 30th September 2016, and It will be interesting to see, what action then will be taken against the culprits?
With a week left for the closure of black money compliance window, the government said that the September 30 deadline for filing disclosure under the window will not be extended. In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for IDS would be extended.
Dr Hasmukh Adhia, Revenue Secretary Tweeted informing about no extension in the scheme
1/3 Expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for IDS would be extended.
— Dr Hasmukh Adhia (@adhia03) September 23, 2016
2/3 We want to make it very clear that the last date for Income Declaration Scheme will not be extended.
— Dr Hasmukh Adhia (@adhia03) September 23, 2016
3/3 We therefore appeal to people to file their declarations in time before 30th September.
— Dr Hasmukh Adhia (@adhia03) September 23, 2016
The government in July extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three instalments by September 30, 2017. The first instalment of 25 percent will have to be paid by November 2016 to be followed by another of 25 per cent by March 31, 2017.
The remaining amount will have to be paid to the exchequer by September 30, 2017.
Earlier, tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30 this year.
Last month, the tax department had released a set of FAQs stating that the period of holding of assets declared under the scheme would be taken on the basis of the actual date of acquisition of such asset and not from June 1, 2016, the day the window under IDS opened.
Declarants were also assured that no adverse action would be taken against them by Financial Intelligence Unit of the tax department solely on the basis of cash deposits made in banks under the Scheme.
