New Delhi: The government may extend the deadline for payment of tax on black money disclosed during the one-time compliance window and has accepted the industry request for tax being paid in installments.
"The government is favorably considering to extend the tax payment deadline as it understands the liquidity crunch around November," a top official told news agency PTI.
"Discussions are on with regard to the number of months by which the payment window can be extended. We have said that they can pay tax and penalty in installments," he said.
The Budget for 2016-17 announced a 4-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, pay a tax and penalty of 45 per cent and escape prosecution and harsher punishment.
According to the memorandum to the Finance Bill 2016, the government has the flexibility with regard to the closure date of the compliance window, which opened on June 1. Hence any change in closure date can be made effective through a notification.
Various trade bodies however have asked for leniency in payment of taxes and sought extension of scheme to address the cash flow problem around November.
The scheme applies to both residents as well as non-residents (as both these categories could have taxable income that can be declared under the IDS).
"The government is favorably considering to extend the tax payment deadline as it understands the liquidity crunch around November," a top official told news agency PTI.
"Discussions are on with regard to the number of months by which the payment window can be extended. We have said that they can pay tax and penalty in installments," he said.
The Budget for 2016-17 announced a 4-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, pay a tax and penalty of 45 per cent and escape prosecution and harsher punishment.
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According to the memorandum to the Finance Bill 2016, the government has the flexibility with regard to the closure date of the compliance window, which opened on June 1. Hence any change in closure date can be made effective through a notification.
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Various trade bodies however have asked for leniency in payment of taxes and sought extension of scheme to address the cash flow problem around November.
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The scheme applies to both residents as well as non-residents (as both these categories could have taxable income that can be declared under the IDS).
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