CBDT Extends Due Date for Issue of Acknowledgement of Declarations under Income Declaration Scheme (IDS 2016) in July 2016
The CBDT vide Order dt. 12 Aug. 2016 has extended the time limit for issuance of acknowledgment in Form-2 from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016, as under:
Sub-rule (3) of rule 4 of the Income Declaration Scheme, Rules, 2016 (the Rules) provides that the acknowledgment in Form-2 is to be issued by the Principal Commissioner/Commissioner to the declarant within 15 days from the end of the month in which the declaration has been furnished. Hence, the acknowledgment in Form-2 for the declaration filed in the month of July, 2016 is required to be issued by 15th August, 2016.
Time schedule for payment of tax, surcharge and penalty payable under the Income Declaration Scheme, 2016 has been extended vide notification No. S.O.2476(E) dated 20.07.2016 in the manner specified therein. Accordingly, necessary amendments to Form-2 as prescribed in the Rules are in the process of being made.
In view of the above, in exercise of the powers conferred by section 195 of the Finance Act, 2016 read with section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby extends the time for issuance of acknowledgment in Form-2 as prescribed in sub-rule (3) of rule 4 of the Rules from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016.