Black Money – Domestic and International Efforts

Income Declaration Scheme extended

  1. News: The Centre announced an extension of a deadline under the Income Declaration Scheme to September 30, 2017 from November 30, 2016
  2. The Scheme is aimed at bringing undeclared income and assets into the tax net
  3. Staggered due dates for the payments – minimum 25% tax, surcharge and penalty is to be paid by November 30, 2016, another 25% by March 31, 2017, and the remaining amount by September 30, 2017
  4. The previous deadline for the entire payment of the tax, interest, and penalty was November 30, 2016
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