September 30, 2016 9:49:15 am
Friday is the last day for making declaration of unaccounted wealth under the Income Disclosure Scheme and declarations can be made online as well as in printed copies in prescribed form till Friday midnight.
Those disclosing assets under the IDS will have to pay 45 per cent tax with penalty. The payments can be made in three instalments till September 2017.
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The first instalment of 25 per cent under the scheme will have to be paid by November this year followed by another instalment of 25 per cent by 31st March next year.
The remaining amount will have to be paid by September, 2017. People with undisclosed assets can escape prosecution by coming clean under the Scheme. The scheme was announced by the government in June this year with an aim to bring out black money from the domestic economy.
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