Home India Ministry of Finance In exercise of the powers conferred by the proviso to sub se...
Date: 2019-12-13 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by the proviso to sub section 1 of section 187 of the Finance Act,

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

This notification, S.O. 4455(E), issued by the Ministry of Finance, Department of Revenue on December 13, 2019, concerns the Finance Act, 2016 (28 of 2016). It specifies that individuals who declared undisclosed income under subsection 1 of section 183 of the Act but failed to pay the tax, surcharge (under section 184), and penalty (under section 185) by the original due date (as per notification S.O. 1830(E) dated May 19, 2016, and amended by S.O. 2476(E) dated July 20, 2016) can now make these payments on or before January 31, 2020. This extension requires payment of interest at a rate of one percent per month (or part of a month) on the outstanding amount, calculated from the day following the original due date until the date of actual payment. The notification is deemed to be in effect from June 1, 2016. The issuing authority is Ankur Goyal, Under Secretary. The file number is F. No. 3701491592019TPL.

Key Entities Referenced

Ministry of Finance: The Indian government ministry responsible for financial matters. Department of Revenue: A department within the Ministry of Finance responsible for tax matters. Finance Act, 2016: The Act of Parliament that this notification amends; specifically sections 183, 184, 185 and 187. Central Government: The governing authority of India. S.O. 1830 E, dated the 19th May, 2016: An earlier notification by the Central Government regarding undisclosed income. S.O. 2476 E, dated the 20th July, 2016: An amendment to notification S.O. 1830 E. 31st day of January, 2020: The final date for payment of tax, surcharge, and penalty related to undisclosed income, along with interest. ANKUR GOYAL: Under Secretary, the signing authority for the notification.
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