IDS 2016

Excess amount paid under IDS shall be refundable

Service 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...

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Payment of Tax on last date through cheque but cleared subsequently

Service 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....

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

Service 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 […]...

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IDS 2016- How to validate Form 3 and Form 4

Service 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)....

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

Service 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....

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

Service 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....

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Procedural & technical issues on IDS, 2016 clarified

Service 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...

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Major Achievements of CBDT in Current Financial Year 2016-17

Service 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;...

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Step to encourage Tax compliance without Harassment by IT Department

Service Tax - (a) whether the Government is aware that roadside eatery owners in various cities including Mumbai have made declaration of their unaccounted income and properties after IT raids; (b) if so, the details thereof; and (c) the steps taken by the Government to encourage such evaders to declare unaccounted income without subjecting them to any...

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Utilisation of Funds of IDS 2016 to be firmed up after 30.09.2017

Service Tax - Ddates specified for payment of tax, penalty and surcharge under Income- Declaration Scheme, 2016, are 30.11.2016, 31.03.2017 and 30.09.2017. In view of the same, the total amount collected under the Scheme shall be firmed up after the last date of installment i.e. 30.09.2017....

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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, re...

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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. ...

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SC allows Assessee to adjust Tax paid under Income Declaration Scheme, 2016 against Income Tax if his application was rejected

Yogesh Roshanlal Gupta Vs Central Board of Direct Taxes (Supreme Court of India) - Yogesh Roshanlal Gupta Vs Central Board of Direct Taxes (Supreme Court) The Supreme Court while reversing the High Court’s Order has ruled that the assessee can adjust Income Tax paid under Income Declaration Scheme, 2016 with tax payable if his application was rejected. The assessee made a declar...

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Delay in depositing tax under IDS, 2016 for personal reasons cannot be condoned

Sadhana R. Jain Vs CeBDT & Anr. (Bombay High Court) - Sadhana R. Jain Vs CBDT & Anr (Bombay High Court) Reading of the  CBDT Circular dt. 28-3-2017, it would clearly emerge that while providing for a limited window, in cases where payments were made through banking channels but the deposit was made by the bank in the Government revenue few days af...

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Normal Tax paid cannot be adjusted against Tax on Income disclosed under IDS

Umesh D. Ganore Vs Pr. CIT (Bombay High Court) - Advance tax, self assessed tax and TDS paid prior to filing of declaration, should not be adjusted towards discharge of assessees liability to pay tax, surcharge and penalty under the scheme of Income Tax Declaration Scheme, 2016 in absence of any specific provision in the scheme, granting benefit o...

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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.-...

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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...

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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...

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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....

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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....

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Recent Posts in "IDS 2016"

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 ...

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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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SC allows Assessee to adjust Tax paid under Income Declaration Scheme, 2016 against Income Tax if his application was rejected

Yogesh Roshanlal Gupta Vs Central Board of Direct Taxes (Supreme Court of India)

Yogesh Roshanlal Gupta Vs Central Board of Direct Taxes (Supreme Court) The Supreme Court while reversing the High Court’s Order has ruled that the assessee can adjust Income Tax paid under Income Declaration Scheme, 2016 with tax payable if his application was rejected. The assessee made a declaration of an undisclosed income of a cert...

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Excess amount paid under IDS shall be refundable

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...

Read More
Posted Under: Income Tax |

Payment of Tax on last date through cheque but cleared subsequently

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....

Read More
Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

Delay in depositing tax under IDS, 2016 for personal reasons cannot be condoned

Sadhana R. Jain Vs CeBDT & Anr. (Bombay High Court)

Sadhana R. Jain Vs CBDT & Anr (Bombay High Court) Reading of the  CBDT Circular dt. 28-3-2017, it would clearly emerge that while providing for a limited window, in cases where payments were made through banking channels but the deposit was made by the bank in the Government revenue few days after 30-11-2016 to condone […]...

Read More

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

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 […]...

Read More
Posted Under: Income Tax |

Procedural & technical issues on IDS, 2016 clarified

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...

Read More
Posted Under: Income Tax |

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.-...

Read More

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