Income Declaration Scheme 2016: Staggered Tax Payments with Interest for Late Payments Under Finance Act 2019
Under the Income Declaration Scheme, 2016, individuals declaring income are required to pay tax, surcharge, and penalty according to a specific schedule: 25% by November 30, 2016, another 25% by March 31, 2017, and the remaining balance by September 30, 2017. If payments are not made by these deadlines, the Central Government may allow certain individuals to pay by a notified date with a 1% monthly interest from the original due date. This provision was enacted by the Finance (No. 2) Act, 2019, effective from June 1, 2016.
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