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Income Declaration Scheme to close at midnight today
Union finance minister Arun Jaitley will declare the amount collected at the end of Income Declaration Scheme 2016.
The Income Declaration Scheme (IDS), which started on June 1, ends at Friday midnight, with the four-month window by the government for people to discloser their incomes and black money against a penalty comes to a close.
“The Finance Minister is likely to announce all numbers on the black money scheme on Saturday,” informed sources said.
The government has repeatedly emphasised that the scheme, that provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets, will not be extended beyond midnight of Friday.
The Central Board of Direct Taxes (CBDT) has asked its principal chief commissioners to keep the IDS counters open till midnight of Friday. Declarations can also be made online as well as in printed copies of the prescribed form.
“Since the announcement of the IDS in June this year, a good number of people across the country and the north-eastern region have submitted their papers declaring their deposits and assets,” a tax official has said.
The Income Tax Department has warned of stringent legal action against those who fail to declare their assets under the IDS.
Penalty against the tax evaders or those people who do not declare their deposits and assets under the IDS can go up to 100 per cent to 300 per cent, besides jail terms ranging from three months to seven years, depending upon the severity of the fault and laxity.
