Income Declaration Scheme: CBDT to issue fresh FAQs

By: | Published: August 18, 2016 2:20 PM

The CBDT is expected to issue a set of new clarifications or FAQs to resolve some queries that have arisen with regard to the ongoing one-time domestic black money compliance window which ends on September 30.

GST Bill, how GST works, GST primer, GST explained, what is GST, GST bill today, gst bill today newsOfficials said the fifth set of FAQs, expected to be issued by this week, will give further details about the valuation of assets and payment procedure of taxes by a declarant. (Reuters Photo)

The CBDT is expected to issue a set of new clarifications or FAQs to resolve some queries that have arisen with regard to the ongoing one-time domestic black money compliance window which ends on September 30.

Officials said the fifth set of FAQs, expected to be issued by this week, will give further details about the valuation of assets and payment procedure of taxes by a declarant.

The Central Board of Direct Taxes had earlier issued four such FAQs in order to clarify doubts in the minds of potential declarants and make the Income Declaration Scheme (IDS) a success.

The government, sometime back, had 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 to be followed by another one of 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 this year.

The scheme was announced by the government with an aim to pump out black money from the domestic economy.
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.

Declarations under IDS can either be made online on the official e-filing website of the IT department or before various regional Principal Commissioners of IT in the country.

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