The Government has revised the time schedule for making payments under the Income Declaration Scheme 2016. As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30th of November this year and further amount of 25 percent by 31st of March next year. <br/><br/>A Finance Ministry release said, the balance amount can be paid on or before 30th of September 2017. <br/><br/>The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short. A notification to this effect will be issued shortly. <br/><br/>The scheme provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on undisclosed assets.

The Government has revised the time schedule for making payments under Income Declaration Scheme 2016. <br/><br/>As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30th of November this year and further amount of 25 percent by 31st of March next year. A Finance Ministry release said, the balance amount can be paid on or before 30th of September 2017. <br/><br/>The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short. A notification to this effect will be issued shortly. <br/><br/>The scheme provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on undisclosed assets.

The Government has revised the time schedule for making payments under Income Declaration Scheme 2016. As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30th of November this year and further amount of 25 percent by 31st of March next year. <br/><br/>A Finance Ministry release said, the balance amount can be paid on or before 30th of September 2017. The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short. A notification to this effect will be issued shortly.