Black money declarants get e-disclosure option

The government has opened the e-filing window to declarants under the black-money disclosure scheme to enable holders of undisclosed income to electronically file rather than physical present documents.

The Central Board of Direct Taxes (CBDT) has provided declarants under the Income Disclosure Scheme (IDS) the option to file declarations electronically.

The income tax department announced this in a circular this week that IDS declarants will have  the option to file declarations electronically under digital signature with the Commissioner of Income Tax, CPC, Bengaluru.

"In case the declarant exercises the said option, the declaration shall not be shared with the jurisdictional Principal Commissioner/Commissioner under the Income-Tax Act," the CBDT statement said.

It also ruled out any extension of the four month disclosure window which ends on September 30.

"It is reiterated that the scheme closes on September 30, 2016. The extension of the scheme is out of question," it said.

IDS is a one-time opportunity provided to people who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Under the scheme, people disclosing unaccounted wealth can settle their tax dues by tax, penalty and surcharge totalling 45 per cent.

In July, the CBDT had allowed declarants to pay taxes and penalty in installments. Accordingly, 25 per cent of the total amount has to be paid by 30 November, another 25 per cent by 31 March  2017, and the balance 50 per cent by 30 September.