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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Proposed Amendment to Finance Act Allows Retroactive Refunds for Excess Payments Under Income Declaration Scheme 2016.</h1> The Income Declaration Scheme (IDS) of 2016 allowed individuals to disclose previously undeclared income by paying tax, surcharge, and penalty. Under Section 187 of the Finance Act, 2016, failure to pay these amounts by the specified date rendered the declaration invalid. Section 191 stated that payments made under the Scheme were non-refundable, but an amendment in 2019 allowed refunds for certain persons. The Finance Bill, 2021 proposes further amending this to allow refunds of excess payments to specified individuals without interest, effective retroactively from June 1, 2016.
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