The Central Board of Direct Taxes (CBDT) today said a declarant under the PMGKY scheme will be allowed to file declaration under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends today.
It is stated that the Board had received various representations from various stakeholders regarding difficulties in uploading of declaration in Form No 1 under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) scheme.
“Instances have been communicated wherein despite making payment of tax, surcharge, penalty and deposit under the scheme, challan identification number or the deposit reference number with respect to the payment of tax, surcharge, penalty and deposit under the scheme has not been provided by the banks,” the Central Board of Direct Taxes (CBDT) said in a notification issued today.”
It added, hence, the assessees are unable to upload or submit Form No 1 by the deadline that ends today.
“Considering the rush in banks during last days of financial year, which also happens to be the last date (March 31, 2017) of filing declaration under the scheme, CBDT has decided that if an assessee has made payment of tax, surcharge, penalty and deposit under the scheme, in the banks by the closing hours of March 31, 2017, he shall be allowed to file declaration in Form No 1 under the scheme by April 10, 2017,” the Board said.
The Form 1 is the authentic declaration format that has to be submitted by the black money holder to the designated tax department authority via a hard copy or the online medium.
Yesterday, the Board had issued an order stating that all designated offices of the Income Tax department which can accept declarations under the black money window of PMGKY will remain open till midnight of March 31.
Read the full text of the Circular below.
