No extension of black money disclosure scheme deadline of 30 September, says revenue secretary


With a week left for the closure of black money compliance window, the government said that the 30 September 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.

“We want to make it very clear that the last date for Income Declaration Scheme (IDS) will not be extended,” Adhia tweeted.

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 30 September, 2017. The first installment of 25 per cent will have to be paid by November 2016 to be followed by another of 25 per cent by 31 March, 2017.

The remaining amount will have to be paid to the exchequer by 30 September, 2017.

Earlier, tax, surcharge and penalty under the black money disclosure window were required to be paid by 30 November 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 1 June, 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.

(With PTI inputs)


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