I-T Dept rules out extension of deadline

CHANDIGARH:With just four days to go before the closure of the compliance window under the Income Tax Declaration Scheme, 2016, the Income Tax Department has said the September 30 deadline for filing disclosure under the scheme will not be extended.

Vijay C Roy

Tribune News Service

Chandigarh, September 26

With just four days to go before the closure of the compliance window under the Income Tax Declaration Scheme, 2016, the Income Tax Department has said the September 30 deadline for filing disclosure under the scheme will not be extended.

Earlier, Ludhiana-based industrialists and individuals had requested the I-T Department (North-Western region) comprising Haryana, Chandigarh, Punjab, Himachal Pradesh and J&K, to extend the deadline for the scheme.

A senior official of the I-T department said, “We had a video conference on September 24, in which we made submission put forth by many individuals regarding the extension of the deadline. However, it was made clear that the deadline will not be extended. So, we request the individuals to come forward and declare their undisclosed income under the compliance window well within deadline. The declaration can either be e-filed or submitted manually to the jurisdictional Principal Commissioner of Income Tax.”

To facilitate the individuals, the counters for receiving the declarations under IDS, 2016 will remain open till the midnight of September 30, in all jurisdictions. In addition to this, people can also file their undisclosed income online.

The payment of tax under the scheme can be made in cash. The amount of cash declared under the scheme can be deposited in the bank account. The RBI has issued necessary instructions to all the scheduled commercial banks in this regard.

The undisclosed income declared under the scheme shall be chargeable to tax @ 45% of such income (30% tax + 7.5% Krishi Kalyan cess + 7.5% penalty). The amount of tax payable under the Scheme can be paid in three instalments by September 30, 2017. The first instalment of 25% will have to be paid by November 2016 to be followed by another of 25% by March 31, 2017.

The information in respect of a valid declaration is confidential and shall neither be shared with any law enforcement agency nor shall be enquired into by the I-T Department. Declarations can also be filed with the CIT, CPC, Bengaluru and the same shall not be shared even with the jurisdictional Principal Commissioner.