The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their country-wide offices open in order to receive declarations under the domestic black money window – the Income Declaration Scheme (IDS). “The last date for making declaration under the IDS, 2016 is September 30, 2016 and hence the declarations can be filed till the midnight of that day.
“In order to facilitate the filing of declarations even after the office hours, the Principal Chief Commissioners are instructed to ensure that the counters for receiving the declarations under IDS, 2016 remain open till the midnight of September 30, 2016 in all jurisdictions,” the CBDT said in an order today.
The Central Board of Direct Taxes (CBDT) is the policy-making body of the I-T department.Officials said the orders have been received by the tax offices in the country and have been issued after a decision in this regard was approved by the CBDT Chairperson.
CBDT boss Rani Singh Nair will also hold a review meeting in this regard on September 17 along with all the I-T regional chiefs of the country.
The government today again made it clear that all information and declarations that the I-T department receives till September 30 under IDS will be kept “confidential and shall not be shared” and has suggested that such declarations can also be made online using the e-filing website of the department.
The CBDT, while issuing its sixth clarification on the IDS recently, had ruled out any extension of the four-month window that ends on September 30.
The government had also extended the deadline for payment of tax and penalty under IDS and allowed declarants to pay the amount in three instalments by September 30 next year.
The first instalment of 25 per cent under the IDS 2016 will have to be paid by November 2016, followed by another 25 per cent by March 31, 2017.
The remaining amount 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.The scheme was announced by the government with an aim to bring out black money from the domestic economy. The government had come out with a similar scheme for Indians holding undisclosed income abroad.
The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.