Wednesday, August 17, 2016

Time-limit for acknowledgment extended to 30 days for IDS declaration made in month of July, 16

The Principal Commissioner or Commissioner issues Form 2 to the declarant as an acknowledgment of income disclosed under Income Declaration Scheme (‘IDS’). He has to issue Form 2 within 15 days from the end of the month in which the declaration has been furnished. Hence, the acknowledgment in Form-2 for the declaration filed in the month of July, 2016 is required to be issued by 15th August, 2016.

Earlier declarants were required to pay taxes under IDS till November 30, 2016. However, the CBDT has notified the revised schedule for payment of taxes in three installments till September 30, 2017. Accordingly, necessary amendments to Form-2 as prescribed in the Rules are in the process of being made. In view of the above, the CBDT hereby extends the time for issuance of acknowledgment in Form-2 from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016.
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