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Black money news: Unaccounted wealth can be revealed till today

Black money news: Unaccounted wealth can be revealed till today

New Delhi: Today is the final day for making declaration of unaccounted wealth under the Income Disclosure Scheme & declarations can be made online also in printed copies in prescribed form till Friday (Sept 30) midnight.

Those disclosing assets under the IDS will have to pay 45 % tax with penalty. The payments can be made in three instalments before September 2017. The first instalment of 25 % under the plan will have to be paid by November this year followed by another instalment of 25 % by 31st March next year. The remaining amount will have to be paid by September, 2017.

People with undisclosed assets can skip prosecution by coming clean under the Scheme. The scheme was announced by the govt in June this year with an aim to bring out black money from the domestic economy.

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