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Income Disclosure Scheme News

31 Mar 2017

Attention black money holders! Deadline for income disclosure scheme ends today

Offering the last chance to black money holders, the Centre, has unveiled a new scheme under which those with undisclosed income and assets located in India can come clean by paying a tax of around 50 percent.

07 Feb 2017

New income disclosure scheme: People can deposit money in parts

The government on Tuesday allowed declarants to make deposits on one or more occasions in Pradhan Mantri Garib Kalyan Deposit Scheme(PMGKDS), 2016.

23 Jan 2017

Major changes in tax structure likely in Budget 2017: Report

The much-awaited Union Budget for 2017-18 is expected to bring in some major changes to the tax framework for individuals and corporates following the demonetisation measure, a rating agency said on Monday.

20 Jan 2017

Govt bars cooperative banks from accepting deposits under new tax amnesty scheme

The government has barred cooperative banks from accepting deposits under the new tax amnesty scheme PMGKY, a move that comes amidst the Income Tax department uncovering anomalies post demonetisation.

17 Dec 2016

Demonetisation: New income disclosure scheme kicks off, March 31 deadline for black money holders

This income disclosure scheme, which is seen as the last attempt to by the government to curb the black money inflow in the system, rolls out from Saturday and end on March 31, 2016.

17 Dec 2016

Noose tightens on tax cheats, even as govt gives one last chance to come clean on black money

The government has tightened noose on black money holders and is planning to apply technology like data analytics and data mining to sift accounts that are trying to covert their black money into White, even though it announced one last chance, on Friday, to come clean on the unaccounted wealth.

27 Nov 2016

Income Tax department reminds IDS declarants to pay tax by Nov 30

With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.

Black money disclosure scheme

28 Sep 2016

Black money disclosure window offers no absolution, to yield little cash for govt

As the four-month campaign draws to a close this week, there looks to be few takers despite a high-profile warning that this is the last chance for tax dodgers to come clean.

27 Sep 2016

Black money disclosure scheme: IDS counters to remain open till mid-night on Sept 30

People with undisclosed assets can escape prosecution by coming clean under the Income Disclosure Scheme (IDS).

03 Sep 2016

Govt gives declarants option to come up with undisclosed income through e-filing

With just four weeks remaining for the black-money disclosure scheme to close, the government has given declarants an option to declare their undisclosed income through electronic filing rather than physical presentation of documents.

Income Disclosure Scheme

12 Aug 2016

No extension of Income Disclosure Scheme: Minister

The government is not considering any proposal to extend the September 30 deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), a minister told Lok Sabha on Friday.

12 Aug 2016

Black money: No proposal to extend Income Disclosure Scheme deadline, says Govt

The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30.

23 Jul 2016

Black Money: Don't want to be big brother watching, says Arun Jaitley

Asking people to come clean on unaccounted wealth and live with "heads held high", Finance Minister Arun Jaitley on Saturday said government is aware of sectors generating black money but it would be unpleasant to start the "big brother watching" process.

Income Disclosure Scheme

17 Jul 2016

Income Disclosure Scheme: Taxmen to seek info from suspected black money holders

Tax authorities plan to seek details from various entities against whom there is specific information of having undisclosed assets, as part of the domestic black money disclosure scheme.

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