The government on Thursday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year. Revenue Secretary Hasmukh Adhia said at a Ficci seminar that staggered payment schedule will ensure that tax payers are not forced to resort to distress sale of their assets to pay taxes on income disclosed under the scheme.
The first installment of 25 per cent under the Income Declaration Scheme 2016 will have to be paid by November 2016 to be followed by another installment of 25 per cent by March 31, 2017. The remaining amount, according to a finance ministry statement, will have to be paid to the exchequer by September 30, 2017. Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30 this year.
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