If a person declares income under this scheme then what is the due date for payment of tax calculated on declared income?

Ans. If a person declared income under this scheme then he is required to pay the amount of tax, surcharge and penalty as per the following schedule:-

1. Minimum of 25% of tax, surcharge and penalty to be paid by 30^th November, 2016;

2. A further amount of 25% of tax, surcharge and penalty to be paid by 31^st March, 2017; and

3. The balance amount to be paid on or before 30^th September, 2017.

4. However, in case the amount of tax, surcharge and penalty, has not been paid within the due date, the Central Government may notify the class of persons who may make the payment of such amount on or before a notified date, along with the interest on such amount, at the rate of 1% of every month or part of a month, from the due date to the date of such payment. [Inserted by the Finance (no. 2) Act, 2019 w.e.f., 01-06-2016]