Black Money disclosure date extended till Sept'17
posted on Jul 14, 2016 @ 5:18PM
Consideration practical problem of the stakeholders, the government today 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 next year. As per the revised norms, a minimum of 25 per cent of the tax, surcharge and penalty should be paid by November 30, 2016 and a second and third instalments of 25 per cent and 50 per cent by March 31, 2017 and September 30, 2017 respectively.
According to the Revenue Department, they said, "During the course of meetings and seminars held in different parts of the country, various stakeholders have 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". Tax and penalty on income declared, as per the original scheme, is to be paid by November.