No relief to those who defaulted on IDS installment - CBDT
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The CBDT said any relaxation will be “discriminatory” against those who made payment as per the first deadline of November 30, 2016.
“It is noted that IDS does not provide for levy of interest on delayed payments, and hence, granting such a condonation to the defaulters may be discriminatory against the declarants who made it a point to adhere to the prescribed time schedule,” the CBDT said in an order.
The four month-long IDS scheme, which closed on September 30, 2016, gave anyone with unaccounted wealth a chance to come clean by paying 45% tax and penalty. The government had allowed the amount to be paid in instalments over one year ending September 2017 after representation made argued that one-time payment would cause hardship.
The initial scheme provided for payment of full liability by December 31, 2016. The first instalment, amounting to 25% of the total tax liability, surcharge and penalty was be to paid on or before November 30 last year. Another 25% is to be paid by the end of March and remaining 50% by September 30.
The CBDT order pointed out that those declaring unaccounted income under IDS were “well aware of the payment schedule which they were required to follow” and were “suitably informed of the legal consequences arising from non-compliance of payment schedule”. Some declarants had sought more time for payment of first instalment citing difficulties. #casansaar (Economic Times)
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