Income Declaration Scheme 2nd Amendment Rules and New Form 3

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

1. (1) These rules may be called the Income Declaration Scheme, (Second Amendment) Rules, 2016.

(2) These rules shall come into force from the date of their publication in the Official Gazette.

2. In the principal rules, in rule 4, in sub-rule (5), after the words “submission of proof of”, insert the words “full and final”.

3. In the principal rules, in Form-2, after the table, for the portion beginning with the words “The declarant is hereby directed” and ending with the words “shall be deemed never to have been made.” thefollowing shall be substituted, namely:-'

“The declarant is hereby directed to make the payment of sum payable as per column (5) of the above table, as specified below:-

(i) an amount not less than twenty-five per cent. of the sum payable on or before 30th day of November, 2016;

(ii) an amount not less than fifty per cent. of the sum payable as reduced by the amount paid under clause (i) above on or before 31st day of March, 2017;

(iii) the whole of the sum payable as reduced by the amount paid under clause (i) and (ii) above on or before 30th day of September, 2017.
Income Declaration Scheme 2nd Amendment Rules and New Form 3

In case of non-payment of the amount as specified above, the declaration under Form-1 shall be treated as void and shall be deemed never to have been made.”.

4. In the principal rules for Form-3, the following Form shall be substituted, namely:- 
Download income declaration scheme form 3
Share on Google Plus

About Nitin Aggarwal

    Blogger Comment
    Facebook Comment

0 comments:

Post a Comment