Blackmoney declarants can now e-file their disclosure: CBDT

New Delhi, Sep 2 (PTI) With just four weeks remaining forthe blackmoney disclosure scheme to close, government hasgiven declarants an option to declare their undisclosed incomethrough electronic filing rather than physical presentation ofdocuments. The tax department, in a circular this week, provideddeclarants under the Income Disclosure Scheme (IDS) the optionto file declarations electronically under digital signaturewith the Commissioner of Income Tax, CPC, Bengaluru. "In case the declarant exercises the said option, thedeclaration shall not be shared with the jurisdictionalPrincipal Commissioner/Commissioner under the Income-Tax Act,"the CBDT statement said. It also ruled out any extension of the four monthdisclosure window which ends on September 30. "It is reiterated that the scheme closes on September 30,2016. The extension of the scheme is out of question," itsaid. The IDS scheme provides an opportunity to persons who havenot paid full taxes in the past to come forward and declaretheir undisclosed income and assets. Under the scheme, people disclosing their blackmoney willhave to pay tax, penalty and surcharge totalling 45 per cent. In July, the CBDT had allowed declarants to pay taxes andpenalty in instalments. Accordingly, 25 per cent of the totalamount has to be paid by November 30, another 25 per cent byMarch 31, 2017, and the balance 50 per cent by September 30.(MORE) PTI JDABM