CBDT Notifies ‘IDS 2nd Amendment Rules, 2016’ & Revises ‘IDS Form 3’

CBDT Notification on ‘Income Declaration Scheme (Second Amendment) Rules, 2016’ with Revised ‘IDS Form 3’

CBDT has notified Income Declaration Scheme, (Second Amendment) Rules, 2016 primarily to revise Form 3 to specify details of payments made under the IDS 2016, as under:

S.O. 2705(E).— In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

1. (1) These rules may be called the Income Declaration Scheme, (Second Amendment) Rules, 2016. (2) These rules shall come into force from the date of their publication in the Official Gazette.

2. In the principal rules, in rule 4, in sub-rule (5), after the words “submission of proof of”, insert the words “full and
final”.

3. In the principal rules, in Form-2, after the table, for the portion beginning with the words “The declarant is hereby
directed” and ending with the words “shall be deemed never to have been made.” the following shall be substituted,
namely:-

“The declarant is hereby directed to make the payment of sum payable as per column (5) of the above table, as specified below:-

(i) an amount not less than twenty-five per cent. of the sum payable on or before 30th day of November, 2016;

(ii) an amount not less than fifty per cent. of the sum payable as reduced by the amount paid under clause (i) above on or before 31st day of March, 2017;

(iii) the whole of the sum payable as reduced by the amount paid under clause (i) and (ii) above on or before 30th day of September, 2017.

In case of non-payment of the amount as specified above, the declaration under Form-1 shall be treated as void and shall be deemed never to have been made.”.

4. In the principal rules for Form-3, the following Form shall be substituted, namely:-

“INTIMATION OF PAYMENT UNDER SUB-SECTION (1) OF SECTION 187 OF THE FINANCE ACT, 2016 IN
RESPECT OF THE INCOME DECLARATION SCHEME, 2016

THE INCOME DECLARATION SCHEME RULES, 2016

Form 3

[See rule 4(4)]

(…contd… as attached)

CBDT Notification No. 70/2016 dt. 12 August, 2016

User Manual for E-Filing of Form 1 and Form 3 (IDS 2016)

6 Comments

  1. Jaishree Bang Nov 28, 2016
  2. Ashwani Mehta Nov 28, 2016
  3. Jaishree Bang Nov 29, 2016
  4. Jaishree Bang Nov 30, 2016
  5. Hiren Dec 1, 2016

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