I-T asks declarants to hurry as blackmoney window nears end

New Delhi, Sep 10 (PTI) The Income Tax department todaysaid those holding potential black money should hurry up anddeclare their stash funds under the one-time domesticcompliance window as only 20 days are left for the IncomeDeclaration Scheme (IDS) to close. "The Income Declaration Scheme closes on 30.09.2016. Only20 days left. Hurry, declare now!," the department said on itsofficial Twitter handle. It said that a facility to declare such assets by theinternet-based e-filing portal of the department has also beenactivated which ensures secrecy of the declarations. "IDS,Cir.31 dt 30.08.16 clarifies that info. of declarantfiling electronically with digital sign will not be sharedwith jurisdictional PCIT," another tweet said. The CBDT, while issuing its sixth clarification on theIDS, had ruled out any extension of the four month window thatends on September 30. The Central Board of Direct Taxes, the policy-making bodyof the I-T department, has issued multiple sets of frequentlyasked questions (FAQs) containing answers to various questionson the implementation of the IDS. The government had also extended the deadline for paymentof tax and penalty under IDS and allowed declarants to pay theamount in three instalments by September 30 next year. The first instalment of 25 per cent under the IDS 2016will have to be paid by November 2016, followed by another 25per cent by March 31, 2017. The remaining amount will have to be paid to theexchequer by September 30, 2017. Earlier the tax, surcharge and penalty under the blackmoney disclosure window were required to be paid by November30. The scheme was announced by the government with an aim tobring out black money from the domestic economy. The government had come out with a similar scheme forIndians holding undisclosed income abroad. The scheme will apply to undisclosed income whether inthe form of investment in assets or otherwise, pertaining tofinancial year 2015-16 or earlier. PTI NES IKA RGIKA