Income Disclosure Scheme counters to be opened till 8 pm today, tomorrow

By: | Published: September 28, 2016 6:48 PM

With two days remaining for the black money disclosure scheme to close, the tax department has decided to keep counters for receiving physical declarations open till 8 pm today and tomorrow.

Money-reu-LThe 4-month window for disclosure of unaccounted wealth on Friday. (Source: Reuters)

With two days remaining for the black money disclosure scheme to close, the tax department has decided to keep counters for receiving physical declarations open till 8 pm today and tomorrow.

The Central Board of Direct Taxes (CBDT) has already asked its Principal I-T Commissioners to keep counters for receiving physical declarations under the black money compliance window open till midnight on September 30.

“It has been decided that IDS counters will remain open till 8 p.m. today and tomorrow in order to facilitate the declarants who would like to file the declaration in paper form,” a top official told PTI.

The 4-month window for disclosure of unaccounted wealth on Friday. By availing this Income Disclosure Scheme (IDS) people with undisclosed assets can escape prosecution.

Declarations can be made online as well as in printed copies of the prescribed form up to midnight on September 30, 2016.

Those disclosing assets under the IDS will have to pay 45 per cent tax plus penalty. The payments can be made in three instalments till September 2017.

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