MINISTRY OF FINANCE
(Department Of Revenue)
NOTIFICATION No. 59/2016-INCOME TAX
New Delhi, the 20th July, 2016
S.O. 2476(E).– In exercise of the powers conferred by section 187 of the Finance Act, 2016 (28 of 2016), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), notification number S.O. 1830(E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii) dated the 19th May, 2016.Online GST Certification Course by TaxGuru & MSME- Click here to Join
2. In the said notification, for clause (ii), the following clause shall be substituted, namely:-
“(ii) the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income shall be as follows, namely:-
(a) the 30th day of November, 2016, for an amount not less than twenty-five per cent. of such tax, surcharge and penalty;
(b) the 31st day of March, 2017, for an amount not less than fifty per cent. of such tax, surcharge and penalty as reduced by the amount paid under clause (a);
(c) the 30th day of September, 2017, for the whole amount payable under section 184 and 185 as reduced by the amounts paid under clause (a) and (b);”.
Dr. T.S. MAPWAL, Under Secy.
Note:– The principal notification was published vide notification number S.O. 1830(E), dated the 19th May, 2016.