New Delhi: The government on Thursday extended the deadline for payment of tax a

nd penalty under the black money disclosure scheme and allowed declarants to pay
the amount in three installments by September 30 next year.
The first installment of 25 per cent under the Income Declaration Scheme 2016 wi
ll have to be paid by November 2016 to be followed by another installment of 25
per cent by March 31, 2017.
The remaining amount, according to a finance ministry statement, will have to be
paid to the exchequer by September 30, 2017.
Earlier the tax, surcharge and penalty under the black money disclosure window w
ere required to be paid by November 30 this year.
The Revenue Department has decided to revise the time schedule for making paymen
ts after taking into consideration the practical difficulties being faced by the
stakeholders, it said.
"During the course of meetings and seminars held in different
ry, various stakeholders have expressed concern that the time
nder the Scheme up to November 30, 2016 for making payment of
penalty is very short, especially where funds in liquid form
ailable with the declarants.

parts of the count

period available u
tax, surcharge and
are not readily av

"It has also been mentioned that for making payment by November 30, 2016, the de
clarants may have to opt for distress sale of the assets," it added.