Income Declaration Scheme: Tax counters to remain open till midnight on Sep 30

The Central Board of Direct Taxes (CBDT) has asked its principal IT commissioners to keep their counters open for receiving physical declarations under the black money compliance window till midnight on September 30.

The four-month window for disclosure of unaccounted wealth ends this month. People with undisclosed assets can escape prosecution by coming clean under the Income Disclosure Scheme (IDS).

Declarations can be made online as well in printed copies of the prescribed form right up to mid-night on September, 30, 2016.

In order to help declarants who would like to file the declaration in the paper form, CBDT has issued instructions to all principal chief commissioners across India to ensure arrangements are made for receiving such declarations till mid-night of September 30, it said in a statement.

"Accordingly, the counters for receiving declarations under the Income Declaration Scheme - 2016 shall be functional till 12 midnight on September 30, 2016," the Central Board of Direct Taxes (CBDT) said.

Those disclosing assets under the IDS will have to pay 45% tax plus penalty. Also, the payments can be made in three instalments till September 2017.