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of <h1>Income Declaration Scheme 2016: Staggered Tax Payments with Interest for Late Payments Under Finance Act 2019</h1> Under the Income Declaration Scheme, 2016, individuals declaring income are required to pay tax, surcharge, and penalty according to a specific schedule: 25% by November 30, 2016, another 25% by March 31, 2017, and the remaining balance by September 30, 2017. If payments are not made by these deadlines, the Central Government may allow certain individuals to pay by a notified date with a 1% monthly interest from the original due date. This provision was enacted by the Finance (No. 2) Act, 2019, effective from June 1, 2016.
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