Two per cent interest on delayed disclosures

MUMBAI, October 24: The Central Board of Direct Taxes CBDT has clarified that in case of delayed payment by declarants under the Voluntary Disclosure of Income Scheme VDIS, the Income Tax I-T department will charge 2 per cent interest per month. A month has been defined as 30 days.

CBDT has also stated that for a period short of 30 days, interest would be charged for the entire month.

The month has, however, not been defined in the scheme, and has caused confusion among taxmen.