NEW DELHI: With the last date for paying the first installment of due taxes and penalty under the one-time black money window IDS nearing, banks have been asked to accept the old Rs 500 notes from the declarants under the scheme and not seek the source of funds from them.
They have also been asked to ensure that such payments were accepted from the declarants without any hassle.
The Indian Banks’ Association (IBA) has written a letter to all its members in which it referred to a recent CBDT communication to RBI which cited a complaint from a declarant that he/she could not deposit the payment as a bank branch in Bengaluru allegedly refused to accept the tax and penalty as per plan of the Income Declaration Scheme (IDS) that ended on September 30.
CBDT, which is the I-T department’s policy-making body, noted that the scheme stipulates that a minimum amount of 25 per cent of the tax, surcharge and penalty is to be paid by November 30, 2016.
“Accordingly, all the member banks are requested to make note of the … Time schedule and as directed accept payments under IDS, 2016 up to September 30, 2017 and also for such cases the banks should not seek source of funds,” it said adding, “we request you to sensitize your branches accordingly.” (AGENCIES)
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