PM Modi’s Income declaration scheme has deadline of September 30th. Under the IDS, anyone can disclose undeclared income and can be saved from prosecution/punishment/penalty. This scheme was introduced to expose black money on June 1st. Those disclosing assets under the IDS will need to pay 45 per cent tax plus penalty. Also the payments can be made in three instalments till September 2017.Till 24th september declared money under this scheme was 1100 crore.
Revenue Secretary Hasmukh Adhia tweeted below tweets
Expectations are raised that looking to the enthusiasm of people for making IDS declaration, the date for IDS would be extended. We want to make it very clear that the last date for Income Declaration Scheme will not be extended. We therefore appeal to people to file their declarations in time before 30th September.