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Income Declaration Scheme 2016: CBDT Revises Time Schedule for Making Payments
The Central Board of Direct Taxes on Thursday relaxes time schedule for making payments under Income Declaration Scheme, 2016.

The government on Thursday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year.

The first installment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another installment of 25 per cent by March 31, 2017.

The remaining amount, according to a finance ministry statement, 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 this year.

The Revenue Department has decided to revise the time schedule for making payments after taking into consideration the practical difficulties being faced by the stakeholders, it said.

“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 November 30, 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 November 30, 2016, the declarants may have to opt for distress sale of the assets,” it added.

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