Income Tax

CBDT extends IDS Form-2 acknowledgment issuance time to 30 days from 15 days for declarations filed under IDS Scheme in the month of July 2016

CBDT extends IDS Form-2 acknowledgment  issuance time to 30 days from 15 days for declarations filed under IDS Scheme in the month of July 2016

F.No.142/8/2016-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***

New Delhi, dated 12th August, 2016

Order under section 119 of the Income-tax Act, 1961

Sub-rule (3) of rule 4 of the Income Declaration Scheme, Rules, 2016 (the Rules) provides that the acknowledgment in Form-2 is to be issued by the Principal Commissioner/Commissioner to the declarant within 15 days from the end of the month in which the declaration has been furnished. Hence, the acknowledgment in Form-2 for the declaration filed in the month of July, 2016 is required to be issued by 15th August, 2016.

Time schedule for payment of tax, surcharge and penalty payable under the Income Declaration Scheme, 2016 has been extended vide notification No. S.O.2476(E) dated 20.07.2016 in the manner specified therein. Accordingly, necessary amendments to Form-2 as prescribed in the Rules are in the process of being made.

In view of the above, in exercise of the powers conferred by section 195 of the Finance Act, 2016 read with section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby extends the time for issuance of acknowledgment in Form-2 as prescribed in sub-rule (3) of rule 4 of the Rules from 15 days to 30 days in respect of the declarations filed under the Scheme in the month of July, 2016.

(Dr. T.S. Mapwal)
Under Secretary to the Government of India

Copy to:-

1. PS to FM/OSD to FM/PS to MoS(F)

2. PS to Revenue Secretary

3. Chairperson (CBDT), All Members, CBDT

4. All Pr.CCsIT/CCsIT/Pr.DsGIT/DsGIT

5. ADG(Systems)-4 with request to place the order on official website

6. Addl.CIT, Data Base Cell with request to place the order on IRS official website.

(Dr. T.S. Mapwal)
Under Secretary to the Government of India

Share

Recent Posts

  • Income Tax

How a loan amount was utilised wouldn’t constitute failure to discharge onus u/s 68

Utilisation of loan amount would not constitute failure to discharge onus caste u/s 68 in absence of any defect in…

9 hours ago
  • Income Tax

No addition based on third party information in form of unsigned excel sheet – ITAT

Addition on the basis of third party information in form of unsigned excel sheet can not be sustained - ITAT…

1 day ago
  • Income Tax

Shagun money received on occasion of marriage not taxable income – ITAT

Shagun money received on marriage of individual cannot be considered as income in the year of its receipt - ITAT…

4 days ago
  • Income Tax

There is no statutory requirement to maintain cash book for salaried individual – ITAT

ITAT deleted addition towards cash deposited in bank account observing that there is no statutory requirement to maintain cash book…

5 days ago
  • RBI

Foreign Exchange Management (Authorised Persons) Regulations, 2026 notified

RBI has notified the Foreign Exchange Management (Authorised Persons) Regulations, 2026. The Regulation becomes effective from 06.05.2026  A person seeking…

6 days ago
  • Income Tax

Increased exemption limit of Rs. 25 lakhs for Leave Encashment is retrospective – ITAT

ITAT allows benefit of increased exemption limit of Rs. 25 lakhs for Leave Encashment u/s 10(10AA)(ii) In a recent judgment,…

6 days ago