Declaration of unaccounted wealth can be made till today

Today is the last day for making declaration of unaccounted wealth under the Income Disclosure Scheme. Declarations can be made online as well as in printed copies in prescribed form till today midnight. 

Those disclosing assets under the IDS will have to pay 45 per cent tax with penalty. The payments can be made in three installments till September 2017.The first installment of 25 per cent under the



scheme will have to be paid by November this year followed by another installment of 25 per cent by 31st March next year. 

The remaining amount will have to be paid by September, 2017. People with undisclosed assets can escape prosecution by coming clean under the Scheme .The scheme was announced by the government in June this year with an aim to bring out black money from the domestic economy.