CBDT has Extended Due Date for Installment of Advance Tax for North Eastern States

Extension of last date of payment of December (3^rd) Installment of Advance Tax for Financial Year (FY) 2019-20 in respect of assesses in the North Eastern States The Central Board of Direct Taxes (CBDT) has extended the last date for payment of December installment of advance tax for FY 2019-20, from 15th December 2019 to 31st December 2019 in the North Eastern States -Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur, and Mizoram. The due date has been extended considering the large-scale disruption of internet services in the above-mentioned states in case of all assesses (corporate viz-a-viz non-corporates.)   Income Declaration Scheme The scheme framed under Finance Act 2016 provides an opportunity for persons to declare the undisclosed income and pay taxes (including surcharge and penalty) at a rate of 45% of undisclosed income so declared. The Central Government has specified recently through a notification dated December 13, 2019, that the persons who have made a declaration of undisclosed income under this scheme, however have not made payment of tax, surcharge and penalty payable in respect of undisclosed income on or before the due date notified by the Central Government in this regard, may make the payment of such amount on or before January 31, 2020 along with interest on such amount at rate of 1% for every month or part of month from the date immediately following the due date specified till the payment of such amount. Contact us for more information. Last Updated: 19th December 2019 This article is contributed by:  Deepika Agarwal Manager, Taxation