New Delhi, July 14 (IANS) Taking into consideration the practical difficulties of people declaring their unaccounted income, the government on Thursday relaxed the time schedule for making payments under the income declaration scheme (IDS 2016).
Only a minimum amount of 25 per cent of the tax, surcharge and penalty needs to be paid by November 30, 2016, while a further 25 per cent of the tax, surcharge and penalty is to be paid by March 31, 2017, the Finance Ministry said in a statement.
The balance amount needs to be paid on or before September 30, 2017, the statement 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,” the statement added.
For making payment by November 30, 2016, the declarants may have to opt for distress sale of the assets, it added.
The four-month window under the scheme is being stated as the last chance for people to come clean on their unaccounted income.