Black money: Declarants can pay interest and penalty in three installments

The government on Thursday clarified that declarants under domestic black money disclosure scheme can pay interest and penalty in three installments

Updated: Jul 14, 2016, 14:46 PM IST
Black money: Declarants can pay interest and penalty in three installments

Zee Media Bureau

New Delhi: The government on Thursday clarified that declarants under domestic black money disclosure scheme can pay interest and penalty in three installments

As per new clarification, 25 percent of amount can be paid by November 30, 2016; 25 percent by March 31, 2017, and the rest by September 30, 2017.

The government today also clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.

The Income Tax Department today came out with a fourth set of clarifications on the Income Declaration Scheme (IDS) on queries seeking to know if payment under the Scheme can be made out of the undisclosed income without including the same in the income declared, which would bring down the effective rate of tax, surcharge and penalty payable to around 31 percent from 45 percent.

With PTI Inputs