IDS : Black Money Disclosure Scheme
IDS : Black Money Disclosure Scheme There is No extension of Deadline
Few days left for the closure of black money compliance window. The government said that the September 30 deadline for filing disclosure under the window. And it will not be extended.
- Revenue Secretary Hasmukh Adhia said in a tweet that. Expectations are raising to looking at the enthusiasm of people for making IDS declaration.
- The date for IDS can be extended.
- The government in July extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three instalments by September 30, 2017.
- The first installment of 25 per cent will have to be paid by November 2016.
- While another of 25 per cent by March 31, 2017.
- The remaining amount will have to be paid to the exchequer by September 30, 2017.
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- Taxpayers in the Diamond City have filled the coffers of income tax (I-T) department as their disclosures under Income Declaration Scheme (IDS) touched Rs1,100-crore mark on Friday.
- I-T sources said over half a dozen realtors, textile traders, textile dyeing and printing mill owners disclosed Rs100 crore under the IDS scheme on Friday.
- The realtors from Pal, Saroli and Magob alone disclosed Rs 67 crore under the IDS.
- Followed by Rs10 crore by textile traders, Rs1.50 crore by a textile mill owner, Rs 3.50 crore by a textile group and Rs 18 crore under penny stock.
- Until now, around 90 per cent of the disclosures under the IDS had come from real estate groups in the city,followed by textile traders and mill owners.
- The I-T has received very less amount of disclosures from diamond companies, as most of these companies have their headquarters in Mumbai.
- Sources said the transaction in penny stock is huge in the Diamond City.
- The department has issued notices to many such individuals giving them time until September 30 to declare undisclosed income under the IDS for penny stock.
- After the IDS scheme will get over, the tax officials will go after those who failed to fall in line.
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Know About Income Declaration Scheme 2016
1. Income Declaration Scheme 2016 came into effect from 1 June, 2016. It’s an opportunity for
those who didn’t disclose income or pay taxes thereon in the past.
2. Under this scheme, such persons can declare the undisclosed income and pay tax, surcharge and
assessment year prior to the assessment year 2017-18.
4. The person making a declaration under the scheme will have to pay income tax at the rate of
30% of the value of undisclosed income plus a surcharge of 25% thereon.
5. Additionally, the person will be liable to pay a penalty at the rate of 25% of the tax, which would
make the total payment 45% of the undisclosed income.
6. The Centre has declared 30 September as the last date for making a declaration and 30
November as the date by which the tax, surcharge and penalty may be paid.
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