IDS 2016

Excess amount paid under IDS shall be refundable

Income Tax - Budget 2021- excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under Income Declaration Scheme (IDS) shall be refundable to the specified class of persons without payment of any interest. The Income Declaration Scheme, 2016 (the Scheme) contained in Chapter-IX of the Finance Act, 2016 provided an opportuni...

Payment of Tax on last date through cheque but cleared subsequently

Income Tax - Recently I came into question of the case where a person issued a cheque for payment of IDS on dated 31.03.2017 (last date of second instalment) but the cheque was clear on 07.04.2017. Because there was banking channel to clear the cheque....

Refund of Tax & Penalty paid under Income Declaration Scheme, 2016

Income Tax - The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]...

IDS 2016- How to validate Form 3 and Form 4

Income Tax - The below instructions are issued with respect to the validations and checks available in e-Filing portal for Form 3 and Form 4 (IDS, 2016)....

Battle of Love for Money and Fear of Income Tax – IDS?

Income Tax - Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it....

Income Disclosure Schemes: Past, Revenue and Future Plans

Income Tax - Explore the Income Disclosure Schemes implemented by the Government of India, including details about the amounts received, revenue utilization, and the possibility of introducing future schemes. Learn about the Income Declaration Scheme, 2016, and the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana....

Request to announce another Income Disclosure & Vivad Se Vishwas Scheme

Income Tax - Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure Scheme and Vivad Se Vishwas Scheme in national interest. CCI PROFESSIONALS’ FORUM (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700071 Email npjainadv@gmail.com (M)...

Request for extension of due date for filing of Form IDS 3

Income Tax - The extended due date for filing of Form IDS 3 is 31st January, 2020. However, the same could not be filed in many cases due to the following reasons: Continuous disturbance in Assam due protests against Citizenship Amendement Act....

Procedural & technical issues on IDS, 2016 clarified

Income Tax - Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New D...

Major Achievements of CBDT in Current Financial Year 2016-17

Income Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

Voluntary disclosure of LTCG under IDS Scheme: ITAT deletes Penalty

Sanchit Vinod Jain Vs National Faceless Assessment Centre (ITAT Mumbai) - ITAT Mumbai decides on the applicability of penalties under Section 271(1)(c) after disclosing concealed income under the IDS scheme....

Bombay HC Directs Income Tax Authorities to Refund Deposit under IDS

Sunil Wamanrao Sakore Vs Union of India (Bombay High Court) - Bombay High Court has directed the Income Tax Authorities to refund the deposit made under the Income Declaration Scheme (IDS). This article analyzes the court's decision and its implications, emphasizing the importance of adjusting the deposited amount against outstanding demands. ...

HC directs CBDT to hear representation to condone delay in payment under IDS 2016

Kuzhanthai Velu Ragothaman Vs Chairman, CBDT (Madras High Court) - The petitioner has applied under the Income Declaration Scheme, 2016. Admittedly, he has not paid the entire dues as per the scheme, but he has paid a major portion of it, i.e., 94%....

Interest on instalments refunded under IDS 2016 not payable as it was not voluntary tax payment

Jay Prakash Singhania Vs Union of India (Jharkhand High Court) - Jharkhand High Court held that instalments paid under Income Declaration Scheme, 2016 is allowed as refund. However, interest on the same is not payable as there was no voluntary payment of tax on self-assessment....

Disclosure of undisclosed income can be further added as undisclosed stock

ACIT Vs Bholanath Agarwal (ITAT Kolkata) - ITAT Kolkata held that disclosure of undisclosed income under IDS, 2016 on which taxes are duly paid cannot be further added as undisclosed stock. Claim of set off of undisclosed income duly available against the undisclosed stock surrendered during the course of survey....

Payment of third Installment under Income Declaration Scheme, 2016

Circular No. 15/2019-Income tax - (12/07/2019) - Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961-reg.-...

Guideline for correction in minor head attribute of IDS challans

Oltas Instruction No. 54 - (20/12/2018) - Guidelines approved by for correction in minor head attribute of IDS challans - Mistake in minor head committed by taxpayer: If taxpayer had intended to pay normal tax other than tax under IDS, 2016 but by mistake wrong challan and head was selected at the time of payment then correction of challan...

IDS 2016: CBDT guideline for condonation of delay in payment

F.No. 225/86/2017-ITA.II - (28/03/2017) - CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Personal/emergency reasons (b) Lack of liquidity (c) Confusion about due date (d) Rush at banks (e) Any other reasons which are attributable to declarants...

Guideline for Correction of IDS, 2016 payment challan

OLTAS Instruction No. 53 - (13/02/2017) - The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests from taxpayers and field formations for the correction of attributes like PAN, AY, minor head and major head of such Challans....

IDS 2016 not invalid if tax payment made before due date but credited late

Instruction No. 2 of 2017 - (16/01/2017) - IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on or before date of 30th November, 2016, but the same has been credited by banks after due date of 30th November, 2016, but on or before the 05th December, 2016....

Recent Posts in "IDS 2016"

Voluntary disclosure of LTCG under IDS Scheme: ITAT deletes Penalty

Sanchit Vinod Jain Vs National Faceless Assessment Centre (ITAT Mumbai)

ITAT Mumbai decides on the applicability of penalties under Section 271(1)(c) after disclosing concealed income under the IDS scheme....

Income Disclosure Schemes: Past, Revenue and Future Plans

Explore the Income Disclosure Schemes implemented by the Government of India, including details about the amounts received, revenue utilization, and the possibility of introducing future schemes. Learn about the Income Declaration Scheme, 2016, and the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana....

Posted Under: Income Tax |

Bombay HC Directs Income Tax Authorities to Refund Deposit under IDS

Sunil Wamanrao Sakore Vs Union of India (Bombay High Court)

Bombay High Court has directed the Income Tax Authorities to refund the deposit made under the Income Declaration Scheme (IDS). This article analyzes the court's decision and its implications, emphasizing the importance of adjusting the deposited amount against outstanding demands. ...

HC directs CBDT to hear representation to condone delay in payment under IDS 2016

Kuzhanthai Velu Ragothaman Vs Chairman, CBDT (Madras High Court)

The petitioner has applied under the Income Declaration Scheme, 2016. Admittedly, he has not paid the entire dues as per the scheme, but he has paid a major portion of it, i.e., 94%....

Interest on instalments refunded under IDS 2016 not payable as it was not voluntary tax payment

Jay Prakash Singhania Vs Union of India (Jharkhand High Court)

Jharkhand High Court held that instalments paid under Income Declaration Scheme, 2016 is allowed as refund. However, interest on the same is not payable as there was no voluntary payment of tax on self-assessment....

Disclosure of undisclosed income can be further added as undisclosed stock

ACIT Vs Bholanath Agarwal (ITAT Kolkata)

ITAT Kolkata held that disclosure of undisclosed income under IDS, 2016 on which taxes are duly paid cannot be further added as undisclosed stock. Claim of set off of undisclosed income duly available against the undisclosed stock surrendered during the course of survey....

Request to announce another Income Disclosure & Vivad Se Vishwas Scheme

Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure Scheme and Vivad Se Vishwas Scheme in national interest. CCI PROFESSIONALS’ FORUM (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700071 Email npjainadv@gmail.com (M)...

Posted Under: Income Tax | ,

HC directs department to consider representation to condones delay in payment under IDS, 2016

Dr. Satyajit Bose Vs DCIT (Calcutta High Court)

Dr. Satyajit Bose Vs DCIT (Calcutta High Court) Admittedly, under the under Income Declaration Scheme, 2016 (IDS, 2016) , the third installment of income tax ought to have been remitted by the appellant not later than 30th September, 2017 but was remitted on 16th October 2017 Since the scheme did not provide for any extension […]...

Service tax not payable on exempt services declared under IDS

Goyal And Co Construction Pvt Ltd Vs C.S.T.-Service Tax (CESTAT Ahmedabad)

Goyal and Co Construction Pvt Ltd Vs C.S.T. Service Tax (CESTAT Ahmedabad) Facts- The appellant is engaged in providing Construction of Residential Complex & Construction of Commercial Complex Service and Real Estate Service. On the basis of information, an enquiry was initiated. Accordingly, revenue directed the appellant to produce ...

Invalid IDS, 2016 Declaration not a Reasonable Cause for Non-filing of ITR- ITAT upheld section 271F penalty

Kamla Chandrasingh Kabali Vs ACIT (ITAT Mumbai)

Kamla Chandrasingh Kabali Vs ACIT (ITAT Mumbai) ITAT find that the claim of the assessee that she has declared income under the IDS 2016 cannot be a tenable explanation as the declaration was not supported by payment of due taxes on the income declared and, therefore, it was an invalid declaration. No other reasonable cause […]...

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