Income Declaration Scheme 2016: Pay Tax, Surcharge, Penalty by Deadline or Risk Void Declaration; 1% Interest for Late Payment
The Income Declaration Scheme, 2016, under Section 187 of the Finance Act, 2016, mandates that tax, surcharge, and penalty for undisclosed income must be paid by a date specified by the Central Government. If payment is delayed, the government may allow certain individuals to pay later with a 1% monthly interest. Proof of payment must be submitted to the relevant tax authority by the notified date. Failure to pay by the specified deadline results in the declaration being considered void under the scheme.
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