Govt gives declarants option to come up with undisclosed income through e-filing

New Delhi: With just four weeks remaining for the black-money disclosure scheme to close, the government has given declarants an option to declare their undisclosed income through electronic filing rather than physical presentation of documents.

The Central Board of Direct Taxes (CBDT) has provided declarants under the Income Disclosure Scheme (IDS) the option to file declarations electronically.Under the IDS scheme, an opportunity is provided to people who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.

Under the scheme, people disclosing their black-money will have to pay tax, penalty and surcharge totalling 45 percent.