Blackmoney declarants can now e-file their disclosure: CBDT
Under the scheme, people disclosing their blackmoney will have to pay tax, penalty and surcharge totalling 45 per cent.
New Delhi: With just four weeks remaining for the blackmoney disclosure scheme to close, government has given declarants an option to declare their undisclosed income through electronic filing rather than physical presentation of documents.
The tax department, in a circular this week, provided declarants under the Income Disclosure Scheme (IDS) the option to file declarations electronically under digital signature with the Commissioner of Income Tax, CPC, Bengaluru.
"In case the declarant exercises the said option, the declaration shall not be shared with the jurisdictional Principal Commissioner/Commissioner under the Income-Tax Act," the CBDT statement said.
It also ruled out any extension of the four month disclosure window which ends on September 30.
"It is reiterated that the scheme closes on September 30, 2016. The extension of the scheme is out of question," it said.
The IDS scheme provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Under the scheme, people disclosing their blackmoney will have to pay tax, penalty and surcharge totalling 45 per cent.
In July, the CBDT had allowed declarants to pay taxes and penalty in instalments. Accordingly, 25 per cent of the total amount has to be paid by November 30, another 25 per cent by March 31, 2017, and the balance 50 per cent by September 30.