Time schedule for making payments under Income Declaration Scheme 2016 revised

Posted on:15 Jul 2016 18:16:11
Time schedule for making payments under Income Declaration Scheme 2016 revised
15 July 2016 Current Affairs: The Union Government has revised the time schedule for making payments under the Income Declaration Scheme 2016 on 14 July 2016.

As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30 November 2016 and further amount of 25 percent by 31 March 2017. The balance amount can be paid on or before 30 September 2017.

The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30 November 2016 for making payment of tax, surcharge and penalty is very short.

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