Income Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286

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..... Income Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 - News and Press Release Dated:- 28-11-2016 - News - No.RB/CIR/OTC-IDS/1404A November 25, 2016 The Chief Executives of All Member Banks Dear Sir/Madam, Income Declaration Scheme 2016 Grievance regarding non-acceptance by banks of payments under IDS, 2016 .....

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..... through ITNS-286 We have received a communication dated November 23, 2016 from RBI on the captioned subject along with the Office Memorandum F.No.142/8/2016-TPL (Part) dated November 10, 2016 by the GOI, MOF, Department of Revenue, CBDT [copy enclosed]. It has been alleged that the bank authorities are refusing to accept payment stating that since IDS, 2016 has closed on 30.09.2016 the .....

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..... banks cannot accept the challan beyond the date. The Office Memorandum mentions about the revised Schedule for Making Payments of tax, surcharge and penalty: (i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 3 .....

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..... 0.9.2017. Accordingly, all the member banks are requested to make note of the above time schedule and as directed accept payments under IDS, 2016 upto 30.09.2017 and also for such cases the banks should not seek source of funds. [Kindly refer our appended circular in this regard] We request you to sensitise your branches accordingly. Yours faithfully, K Unnikrishnan Chief Exe .....

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..... cutive (Offg) - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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