CBDTNotificationNotification No.59/201620 Jul 2016

Amendment to Income Declaration Scheme Payment Due Dates

Deadline: 30 Sept 2017 · 3322 days ago · Due date for the whole amount payable as reduced by amounts paid under clause (a) and (b)
Who: The Central Government amends the notification for tax, surcharge, and penalty payments on undisclosed income.
Action: Pay an amount not less than twenty-five per cent of the tax, surcharge, and penalty by the 30th day of November, 2016.

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What changed

The Central Government amends the payment dates for tax, surcharge, and penalty under the Finance Act 2016. The declarant pays at least twenty-five per cent by the 30th day of November, 2016. The declarant pays at least fifty per cent as reduced by the first payment by the 31st day of March, 2017. The declarant pays the remaining whole amount as reduced by the earlier payments by the 30th day of September, 2017.

What you must do

Pay an amount not less than twenty-five per cent of the tax, surcharge, and penalty by the 30th day of November, 2016.
Pay an amount not less than fifty per cent of the tax, surcharge, and penalty as reduced by the amount paid under clause (a) by the 31st day of March, 2017.
Pay the whole amount payable under section 184 and 185 as reduced by the amounts paid under clause (a) and (b) by the 30th day of September, 2017.

Key dates

Due date for first installment of not less than twenty-five per cent: 30 Nov 2016
Due date for installment of not less than fifty per cent as reduced by clause (a): 31 Mar 2017
Due date for the whole amount payable as reduced by amounts paid under clause (a) and (b): 30 Sept 2017

Who is affected

The Central Government amends the notification for tax, surcharge, and penalty payments on undisclosed income.

Thresholds

An amount not less than twenty-five per cent of tax, surcharge, and penalty is due by the first installment date.
An amount not less than fifty per cent of tax, surcharge, and penalty as reduced by the first payment is due by the second installment date.

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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 20th July, 2016

NOTIFICATION

S.O.2476(E).- In exercise of the powers conferred by section 187 of the Finance Act, 2016 (28 of 2016), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830(E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section- 3, Sub-section (ii) dated the 19th May, 2016.

In the said notification, for clause (ii), the following clause shall be substituted, namely:-

(ii) 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 undisclosed income shall be as follows, namely:-
(a) the 30th day of November, 2016, for an amount not less than twenty-five per cent. of such tax, surcharge and penalty;
(b) the 31st day of March, 2017, for an amount not less than fifty per cent. of such tax, surcharge and penalty as reduced by the amount paid under clause (a);
(c) the 30th day of September, 2017, for the whole amount payable under section 184 and 185 as reduced by the amounts paid under clause (a) and (b);”.

(Notification No.59/2016, F.No.142/8/2016-TPL)

(Dr. T.S. Mapwal)

Under Secretary to the Government of India

Note:- The principal notification was published vide notification number S.O. 1830(E), dated the 19th May, 2016.

Source details

Official title: notification no.59/2016 f.no.142/8/2016 tpl /so 2476 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 20 Jul 2016
Document number: Notification No.59/2016
Issuing division: Department of Revenue
Coverage area: direct-tax

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Amendment to Income Declaration Scheme Payment Due Dates

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