The Central Board of Direct Taxes (CBDT) has extended the last date for making tax payment under the Income Declaration Scheme, 2016 till 31-01-2020.
However, the declarants have to pay interest at the rate of 1% for every month or part of the month.
Under the Income Declaration Scheme, 2016 (IDS), declarants were required to pay their determined liability towards tax, surcharge and penalty pertaining to the third instalment as per the Form-2 issued by the Pro CIT/CIT, by 30th September, 2017.
The notification shall be deemed to have come into force with effect from the 1st day of June, 2016.
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