CBDT extends deadline for payment under Income Declaration Scheme (IDS) to 31st January,2020
The Central Board of Direct Taxes (CBDT) has notified that persons who have made a declaration under Income Declaration Scheme, 2016, but have not made payment of the tax, surcharge and penalty in respect of the undisclosed income on or before the due dates, may now make payment on or before 31st January,2020.
Interest shall be applicable on such amount at the rate of 1% for every month or part of a month comprised in the period commencing on the date immediately following the said due date as so notified and ending on the date of such payment.
This notification shall be deemed to have come into force with effect from 1st June,2016.
Income Declaration Scheme,2016:
This scheme was launched by Government of India in the year 2016 to provide an opportunity to citizens who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totally in all to 45% of such undisclosed income declared.
Source: Notification No. 103/2010149/159/2019-TPL
