Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961

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....Direct Taxes (ITA.II) North Block, New Delhi, the 12th of July, 2019 Subject: Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961-reg.- Under the Income Declaration Scheme, 2016 (IDS), declarants were requir....

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....lment: A clarification has been sought by the stakeholders regarding the third installment stating that since 30th September, 2017 was a closed national holiday, whether the payments effected or completed on next working day of the banks would be treated as an on-time payment of the statutory liability towards the third installment. It is seen that 1st October, 2017 & 2nd October, 2017 were also c....

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.... could render these declarations void. The genuine hardship of the declarants on account of procedural/technical issues with the banks has been considered. It has been decided that payments effected through cheque/RTGS/electronic transfer by the declarant by 3rd of October, 2017 (the deemed extended date for the third installment as per para 2 above) which were credited by the banks till 5th Octob....