New Delhi: Black money
holders who have disclosed their ill-gotten assets during July under the
ongoing compliance window will receive acknowledgement from the tax
department by August 30.
Since the government has extended the
deadline for payment of tax and penalty under the Income Disclosure
Scheme (IDS), necessary amendments have to be carried out in Form 2,
which is the acknowledgement issued by the Central Board of Direct Taxes
(CBDT) to people disclosing their wealth.
The IDS Rules
prescribe that the acknowledgement in Form 2 is to be issued by the
Principal Commissioner/Commissioner to the declarant within 15 days from
the end of the month in which the declaration has been furnished.
An
order issued by the Income Tax department said that in view of the
changes in the IDS, it has extended the time for issuance of
acknowledgement in Form-2 "from 15 days to 30 days in respect of the
declarations filed under the Scheme in the month of July 2016".
The government has come out with IDS, beginning June 1.
Under
the scheme, people having undeclared domestic assets can disclose it
within the four-month compliance window ending on September 30.
The
window provides an opportunity to persons who have not paid full tax in
the past to come forward and declare the undisclosed income by paying
tax, surcharge and penalty, totalling 45 per cent of the income
declared.
In order to meet the demand of traders, the government
last month had extended the deadline for payment of tax and penalty
under IDS and allowed declarants to pay the tax and penalty amount in
three installments by September 30, 2017.
The first installment
of 25 per cent under the IDS 2016 will have to be paid by November 2016
to be followed by another one of 25 per cent by March 31, 2017. The
remaining 50 per cent will have to be paid by September 30, 2017.
Earlier
the tax, surcharge and penalty under the black money disclosure window
were required to be paid by November 30 this year.
"Time schedule
for payment of tax, surcharge and penalty payable under the IDS has
been extended... Accordingly, necessary amendments to Form-2 as
prescribed in the Rules are in the process of being made," said the CBDT
order.
CBDT had in June notified four forms, for e-filing or manual filing of the black money assets by a declarant under the IDS.
Form
1 is to be filled by the declarant giving details of assets he is
declaring, Form 2 is the acknowledgement for the same that will be
issued by the Principal Commissioner. Form 3 and 4 pertain to payment of
taxes and penalty on these funds. a senior I-T official said.