Those who declared money under the Income Declaration Scheme need to pay the first installment of their tax by November 30, failing which their declarations will be made invalid, announced the Income Tax Department.
Under the scheme, domestic black money holders could declare their undisclosed income, pay 45% tax and a penalty, and escape prosecution.
The Income Tax department also published the revised schedule for making payments of tax, surcharge, and penalty. A minimum amount of 25% of the tax, surcharge, and penalty to be paid by 30, November 2016. A further amount of 25% of the tax, surcharge and penalty to be paid by 31, March 2017, the balance amount to be paid on or before 30,September 2017.
The income declaration scheme started on June 1, and citizens had four months to declare their undisclosed money. All persons, such as individuals, HUFs, companies, firms, an association of persons (AOP) etc., are eligible to make the declaration under the scheme.