Income Declaration Scheme to close at midnight today

An employee counts Indian rupee currency notes inside a private money exchange office in New Delhi July 5, 2013. India's central bank was seen selling dollars via state-run banks on Friday as the rupee approached its record low of 60.76 seen on June 26, four dealers said. REUTERS/Adnan Abidi (INDIA - Tags: BUSINESS) - RTX11DCR (File) Representational image

The Income Declaration Scheme (IDS), which was available for a four-month period starting June 1, comes to a close at midnight on Friday, and Finance Minister Arun Jaitley is likely to announce the amount collected under the measure subsequently.

"The finance minister is likely to announce all numbers on the black money scheme on Saturday," informed sources said.

The government has repeatedly emphasised that the scheme, that provides an opportunity to people who have not paid full taxes in the past to come forward and declare their undisclosed income and assets, will not be extended beyond midnight of Friday.

The Central Board of Direct Taxes (CBDT) has asked its principal chief commissioners to keep the IDS counters open till midnight of Friday. Declarations can also be made online as well as in printed copies of the prescribed form.

"Since the announcement of the IDS in June this year, a good number of people across the country and the north-eastern region have submitted their papers declaring their deposits and assets," a tax official has said.

The Income Tax Department has warned of stringent legal action against those who fail to declare their assets under the IDS.

Penalty against the tax evaders or those people who do not declare their deposits and assets under the IDS can go up to 100 per cent to 300 per cent, besides jail terms ranging from three months to seven years, depending upon the severity of the fault and laxity.

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Topics : #Income Tax

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