This is to remind that the due date for payment of balance tax dues under Voluntary Compliance Encouragement Scheme ("VCES") is 30 June 2014. In case, the balance tax dues are deposited after the due date but before 31 December 2014, the assessees will be liable to pay interest at the rate of 18 percent for the period of delay starting from 01 July 2014.
Accordingly, the assessees who declared their tax dues under VCES should deposit the balance amount of declared tax dues on or before the due date to avoid interest implications.
It is pertinent to mention that the Designated Authority of VCES would issue Form VCES-III under Section 107 (7) of Chapter VI of Finance Act, 2013 only if details of deposit of whole amount of tax dues are furnished to the Designated Authority.
Atul Kumar Gupta
B Com (Hons) FCA, FCMA, MIMA, CIQA, PGDEMM
Central Council Member of ICAI (2013-16)