No extension of Income Disclosure Scheme: Minister
The government is not considering any proposal to extend the September 30 deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), a minister told Lok Sabha on Friday.
New Delhi: The government is not considering any proposal to extend the September 30 deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), a minister told Lok Sabha on Friday.
"The IDS-2016 has commenced on June 1 and shall be open for declaration till September 30, 2016. The information regarding the recovery of black money under the four-month single window facility given, shall be firmed-up after the closure of the scheme," Minister of State of Finance department Santosh Kumar Gangwar said in a written reply in the Lok Sabha.
Asked whether the government has any plans to extend the IDS deadline, he said, "There is no such proposal under consideration".
The scheme provides an opportunity to persons who have disclosed exact income in the past to come forward and declare undisclosed income by paying tax, surcharge and penalty, aggregating to 45 percent of the income declared.
However, the government allowed declarants to pay tax and penalty under IDS in three installments by September 30 next year.
The first installment of 25 percent of declared income will be paid by November 2016 and another one of 25 percent to be paid by March 31, 2017. The remaining 50 percent needs to be paid to the exchequer by September 30, 2017.