TIA NEWS
The Central Board of Direct Taxes CBDT has refused to grant any relief to those black money declarants who failed to submit their first installment of tax and penalty under the Income Disclosure Scheme IDS.
The Income Tax department made it clear that such condonation of delay in making payments by the deadline of November 30, 2016 will be discriminatory against those declarants of the IDS, who adhered to the deadline and paid the tax, surcharge and penalty on the stash declared by them.
The Board issued an order yesterday clarifying its position after some declarants who have paid the first installment either belatedly, after November 30 last year, or have not yet made the payment, requested it to extend the due date.
The CBDT, early this year, had made it clear through an order that any payment of first installment made by November 30 will be valid if the amount was credited even by 5th of December 2016.
Under the IDS 2016 scheme, a declarant was required to pay the first installment of the 25 per cent of total liability of tax, surcharge and penalty on or before 30th of November last year.