Govt revises payments schedule under Income Declaration Scheme 2016

The government has extended deadline for paying tax, surcharge and penalty under the Income Declaration Scheme 2016 with a few conditions.

During the course of meetings and seminars held in different parts of the country, various stakeholders expressed concern that the time period available under the Scheme up to November 30, 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, an official press release said.

They also been mentioned that for making payment by November 30, 2016, the declarants may have to opt for distress sale of the assets. Taking into consideration the practical difficulties of the stakeholders, the government has decided to revise the time schedule for making payments under the Scheme as under:

(i) a minimum amount of 25 per cent of the tax, surcharge and penalty to be paid by November 30, 2016;

(ii) a further amount of 25 per cent of the tax, surcharge and penalty to be paid by March 31, 2017;

and (iii) the balance amount to be paid on or before September 30, 2017.