CBDTNotificationS.O. 1830(E)19 May 2016

Finance Act 2016 Income Declaration Scheme Dates

Deadline: 30 Sept 2017 · 3322 days ago · Asset transfer deadline for benamidar
Who: A person making a declaration of undisclosed income +1 more
Action: Make a declaration under sub-section (1) of section 183 on or before 30 September 2016

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What changed

The Central Government sets dates for declarations, payments, and asset transfers under the Finance Act, 2016. A person makes a declaration by the 30th day of September, 2016. The person pays the tax, surcharge, and penalty by the 30th day of November, 2016. The benamidar transfers the asset to the declarant or the legal representative by the 30th day of September, 2017.

What you must do

Make a declaration under sub-section (1) of section 183 on or before 30 September 2016
Pay tax and surcharge under section 184 and penalty under section 185 by 30 November 2016
Transfer the asset to the declarant or legal representative by 30 September 2017

Key dates

Declaration deadline under section 183(1): 30 Sept 2016
Tax, surcharge, and penalty payment deadline: 30 Nov 2016
Asset transfer deadline for benamidar: 30 Sept 2017

Who is affected

A person making a declaration of undisclosed income
A benamidar holding an asset

Ask about this notification

Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official source

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)

New Delhi, the 19th May, 2016

NOTIFICATION

S.O. 1830(E)- In exercise of the powers conferred by section 183, section 187 and section 190 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints -

(i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183;
(ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of the undisclosed income;
(iii) the 30th day of September, 2017 as the date on or before which the benamidar shall transfer to the declarant, being the person who provides the consideration for such asset, or his legal representative.

[Notification No. 32/2016, F.No.142/8/2016-TPL

(Ekta Jain) Deputy Secretary to the Government of India

Source details

Official title: notification no. 32/2016 f.no.142/8/2016 tpl / so 1830 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 19 May 2016
Document number: S.O. 1830(E)
Issuing division: Department of Revenue
Coverage area: direct-tax

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Finance Act 2016 Income Declaration Scheme Dates

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