October 24, 2016

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Black Money Disclosure Scheme

Government today ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window.


In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for income disclosure scheme (IDS) would be extended.

“We want to make it very clear that the last date for Income Declaration Scheme (IDS) will not be extended,” Adhia tweeted.

Under the IDS, people can disclose their undeclared income and escape prosecution. The scheme, which was launched on June 1 to uncover black money, closes on September 30.


“We, therefore, appeal to people to file their declarations in time before 30th September,” Adhia said.

Those disclosing assets under the IDS will have to pay 45 per cent tax plus penalty. Also the payments can be made in three installments till November 2017.


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