Time Limit for acknowledgement extended for Income Disclosure Scheme i.e. IDS

Time Limit for acknowledgement extended for Income Disclosure Scheme i.e. IDS

 

Income Disclosure Scheme (IDS): Time-limit for acknowledgement extended by 30 days for IDS Declarations made in July’16.

 

Earlier declarants were required to pay taxes under Income Disclosure Scheme (IDS) till 30th November, 2016. However, the CBDT has notified the revised schedule for payment of taxes in three installments till September 30, 2017. Considering this, necessary amendments to Form-2 as prescribed in the Rules are in the process of being made.

In view of the above, the Central Board of Direct Taxes (CBDT) hereby extends the time for issuance of acknowledgment in Form-2 from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016.

 

F.No.142/8/2016-TPL

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

***

New Delhi, dated 12th August, 2016

Order under section 119 of the Income-tax Act, 1961

Sub-rule (3) of rule 4 of the Income Declaration Scheme, Rules, 2016 (the Rules) provides that the acknowledgment 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. Hence, the acknowledgment in Form-2 for the declaration filed in the month of July, 2016 is required to be issued by 15th August, 2016.

Time schedule for payment of tax, surcharge and penalty payable under the Income Declaration Scheme, 2016 has been extended vide notification No. S.O.2476(E) dated 20.07.2016 in the manner specified therein. Accordingly, necessary amendments to Form-2 as prescribed in the Rules are in the process of being made.

In view of the above, in exercise of the powers conferred by section 195 of the Finance Act, 2016 read with section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby extends the time for issuance of acknowledgment in Form-2 as prescribed in sub-rule (3) of rule 4 of the Rules from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016.

(Dr. T.S. Mapwal)

Under Secretary to the Government of India

Copy to:-

  1. PS to FM/OSD to FM/PS to MoS(F)
  2. PS to Revenue Secretary
  3. Chairperson (CBDT), All Members, CBDT
  4. All Pr.CCsIT/CCsIT/Pr.DsGIT/DsGIT
  5. ADG(Systems)-4 with request to place the order on official website
  6. Addl.CIT, Data Base Cell with request to place the order on IRS official website.

(Dr. T.S. Mapwal)

Under Secretary to the Government of India

 

 

 

download order ⇓

Order No, F.No. 142/8/2016 dt. 12.08.16