GET Stock QuotesNews18 APP
News18 English
»
1-min read

I-T Department Asks IDS Declarants to Pay Tax by November 30

The Income Disclosure Scheme (IDS), which was open from June to September, provided a one-time opportunity to domestic blackmoney holders to disclose wealth and come clean by paying 45 per cent tax and penalty.

Press Trust Of India

Updated:November 27, 2016, 1:03 PM IST
facebookTwittergoogleskypewhatsapp
I-T Department Asks IDS Declarants to Pay Tax by November 30
File Photo: Income Tax Office.

New Delhi: With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department on Sunday warned declarants that non-payment of the first instalment by November 30 will make declarations invalid.

The Income Disclosure Scheme (IDS), which was open from June to September, provided a one-time opportunity to domestic black money holders to disclose wealth and come clean by paying 45 per cent tax and penalty.

The first installment of tax of 25 per cent is due to be paid by November end, to be followed by another installment of 25 per cent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017.

"The first instalment of tax under the IDS is now due...

Non payment of the instalment will render your declaration under IDS 2016 invalid," said the Income Tax Department advertisement.

Under the scheme, as many as 64,275 declarants disclosed an amount of Rs 65,250 crore. This would yield Rs 29,362 crore in taxes to the government.

The average declaration per declarant comes to around Rs 1 crore.

Also Watch

Read full article
Next Story
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Prudentia 443.45 +25.30 +6.05
Bharti Airtel 425.55 +19.30 +4.75
TCS 3,442.10 +56.45 +1.67
Mindtree 1,035.15 +35.20 +3.52
NIIT Tech 1,058.20 +62.00 +6.22
Company Price Change %Gain
Uniply Ind 464.50 +20.45 +4.61
Indiabulls Vent 456.00 +27.30 +6.37
Page Industries 24,152.40 -319.80 -1.31
ICICI Prudentia 443.55 +27.60 +6.64
Gati 131.00 +10.30 +8.53
Top Gainers
Company Price Change %Gain
Bharti Airtel 425.50 +19.25 +4.74
Wipro 292.05 +5.10 +1.78
TCS 3,442.40 +56.75 +1.68
BPCL 387.60 +3.90 +1.02
HCL Tech 1,073.90 +11.95 +1.13
Company Price Change %Gain
Bharti Airtel 425.30 +19.20 +4.73
Wipro 292.15 +5.10 +1.78
TCS 3,442.75 +57.10 +1.69
Infosys 1,164.10 +10.20 +0.88
Hero Motocorp 3,740.05 +20.45 +0.55
Top Losers
Company Price Change %Gain
Zee Entertain 576.05 -12.65 -2.15
ONGC 179.40 -3.25 -1.78
Cipla 592.55 -9.35 -1.55
Axis Bank 498.30 -6.55 -1.30
NTPC 170.15 -2.70 -1.56
Company Price Change %Gain
ONGC 179.40 -3.20 -1.75
Axis Bank 498.70 -6.55 -1.30
NTPC 170.20 -2.70 -1.56
Larsen 1,362.25 -15.20 -1.10
Dr Reddys Labs 2,134.20 -22.05 -1.02