[To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)]
Notification No.59/2016 [F.No.142/8/2016-TPL] /SO 2476(E) was published on 20 July 2016. Its subject is [To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)].
In exercise of the power under section 187 of the Finance Act, 2016, the Central Government amends its notification S.O. 1830(E) dated 19 May 2016 by substituting clause (ii). As substituted, the tax and surcharge payable under section 184 and the penalty payable under section 185 in respect of undisclosed income are to be paid in three instalments: not less than twenty-five per cent. of the tax, surcharge and penalty by 30 November 2016; not less than fifty per cent. of that amount, as reduced by what was paid in the first instalment, by 31 March 2017; and the whole of the amount payable under sections 184 and 185, as reduced by the earlier payments, by 30 September 2017.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 20th July, 2016NOTIFICATION
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, Section3, Sub-section (ii) dated the 19th May, 2016.
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);".
(Notification No.59/2016, F.No.142/8/2016-TPL)
(Dr. T.S. Mapwal)
Under Secretary to the Government of IndiaNote:- The principal notification was published vide notification number S.O. 1830(E), dated the 19th May, 2016.
20 July 2016, the substituted dates being 30 November 2016, 31 March 2017 and 30 September 2017.
In the payment schedule attached to a declaration of undisclosed income under Chapter IX of the Finance Act, 2016, and in any question whether the declaration stands good for want of timely payment.
Where the tax, surcharge and penalty on a declaration come to one hundred rupees, at least twenty-five rupees had to be paid by 30 November 2016; by 31 March 2017 the aggregate paid had to reach fifty rupees, that is at least a further twenty-five rupees; and the balance of fifty rupees by 30 September 2017.
← Notification No. 61/2016 [F. No. 142/13/2015-TPL] /SO 2478(E) · Notification No.60/2016 [F.No.142/8/2016-TPL] /SO 2477(E) →
Source: the Income Tax Department’s own published text — its page for this instrument.