New Delhi, For declaration of hidden assets and allow individuals to pay the tax and penalty in installments, the government is considering an extension of the deadline.

A source in the tax department said, “Real estate is the biggest sector where black money is parked, it is difficult to liquidate the asset and pay up within four months. So an extension and the option to pay in installments are being considered".

The window, which opened on June 1, will close on September 30. Tax and penalty on the income declared, which total to 45% of the income declared, are to be paid by November.

“The government wants to ensure that the tax collection through this scheme is sizeable. So provisions to help evaders pay-up are being considered,” said the source .

“We have received several requests for extending the deadline and we are considering it. The provisions allow us to do it,” said another official.

According to sources, "Successive governments have struggled with under-reporting of taxes and growing undisclosed income and with recovery of black money being one of the major electoral promises of the NDA-government, the Centre is putting in all efforts to ensure its (IDS-2016) success."

Finance minister Arun Jaitley has met industry bodies and tax professionals, following the opening of the on-time compliance in June.