SMSs sent to assesses about disclosure of domestic black money
Posted on: 20/Sep/2016 12:16:06 PM
Voluntary disclosure of domestic black money under the Income Disclosure Scheme (IDS) comes to a close on September 30. With just 11 days to go before closure of the compliance window under the black money scheme, the tax department has started sending SMSs to assessees.
The text message from the I-T department read: The information received under Income Declaration Scheme 2016 shall be confidential and shall not be shared with anyone.Window for voluntary disclosure of domestic black money under the Income Disclosure Scheme has been there for the last four months. Those declaring unaccounted wealth will have to pay 45 per cent tax plus penalty.
The Central Board of Direct Taxes (CBDT), which had issued a series of FAQs on IDS, has come out with another instruction clarifying that assessees can declare assets in relation to the assessment year during which notices have been served by May 31, 2016, and proceedings have been completed before September 30, 2016.
According to the IDS facility, one can pay tax under the scheme by cash in a bank and no enquiry will be made by any bank official. The government allowed declarants to pay the amount in three installments by September 30, 2017.The first installment of 25 per cent will have to be paid by November 2016 to be followed by another of 25 per cent by March 31, 2017.
The remaining amount will have to be paid to the exchequer by September 30, 2017.
Earlier, tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30 this year.
