Income Declaration Scheme 2016 is a window where taxpayers should provide and declare income correctly of the previous years.
After various stakeholders expressed concern that the time period available under the Scheme up to 30th November, 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 time frame is extended.
After considering the difficulties, the Government has decided to revise the time schedule for making payments under the Scheme as under:
(i) A minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016
(ii) A further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017
(iii) The balance amount to be paid on or before 30.9.2017.
The declarations should be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
Earlier, the scheme was available for 4 months from 1 st June, 2016 to 30th September, 2016. To declare and make payments towards taxes, surcharge & penalty was to be made latest by 30th November, 2016.