Black money Window: Government may increase the Time Limit


New Delhi: The administration may enlarge the deadline for imbursement of tax on black money revealed throughout the one-time fulfillment window and has conventional the commerce demand for tax being paid in installment. A top bureaucrat conveyed that, the administration is positively allowing for extending the tax payment time limit as it appreciates the liquidity chomp approximately November. Conversation is on with stare to the figure of months by which the payment casement can be comprehensive. He further conveyed that, they can pay tax and penalty in instalments.

The remark goes behind Finance Minister Arun Jaitley's gathering with industry relationship, CAs and tax professionals behind previous month to appreciate their concerns around the fulfillment window. The Budget for 2016-17 declared a 4-month compliance window, permitting household black money holders to announce their unaccounted wealth, pay a tax and penalty of 45 per cent and run away prosecution and harsher chastisement. The casement beneath the Income Declaration Scheme (IDS) 2016 commenced on June 1 and will shut on September 30. Tax and penalty on income announced, as per the exceptional scheme, is to be paid by November. According to the memorandum to the Finance Bill 2016, the administration has the flexibility with regard to the conclusion date of the compliance window, which commenced on June 1. Hence any modify in closure date can be made effectual through a notification. As the sum of tax and penalty, neither the Finance Act nor the Rules with regard to IDS had stipulated such payment in instalments. Around November, a variety of trade bodies though have asked for leniency in payment of taxes and required extension of system to speak to the cash flow trouble.