With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.
The Income Disclosure Scheme (IDS), which was open from June to September, provided a one-time opportunity to domestic blackmoney holders to disclose wealth and come clean by paying 45 percent tax and penalty.
The first installment of tax of 25 percent is due to be paid by November end, to be followed by another installment of 25 percent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017.
“The first instalment of tax under the IDS is now due… Non payment of the instalment will render your declaration under IDS 2016 invalid,” said the Income Tax Department advertisement.
Under the scheme, as many as 64,275 declarants disclosed an amount of Rs 65,250 crore. This would yield Rs 29,362 crore in taxes to the government.
The average declaration per declarant comes to around Rs 1 crore.