Black money: Income Tax department raids vada pav, jalebi Stalls

The government has extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declrerants to pay the amount in three instalments by September 30 next year.

The first instalment of 25% under the IDS 2016 will have to be paid by November, followed by another 25% by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017. Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30.

The scheme was announced by the government with an aim to bring out black money from the domestic economy.