ANSWER: Income Declaration Scheme
Explanation:
With the last date for paying first instalment of due taxes and penalties under one time black money window IDS nearing, banks have been asked to not look for source.
This is to ensure that payments are accepted without any hassle.
The directive comes after a recent CBDT communication to RBI which cited a CBDT communication to RBI saying a declarant had complained about the bank branch refusing to accept tax and penalty as part of IDS.
Scheme stipulates that minimum of 25 percent of tax, surcharge and penalty must be paid by Nov 30, 2016.
The CBDT has also appended the scheme of the IDS which stipulates that a minimum amount of 25 per cent of the tax, surcharge and penalty is to be paid by November 30, 2016.
A further amount of 25 per cent of the tax, surcharge and penalty to be paid by March, 31 next year;
Balance amount to be paid on or before September 30, 2017.
About Income Declaration Scheme/IDS
- IDS is four months in duration
- It was a one-time window beginning in June 2016
- It gave black money holders a chance to come clean by declaring their stash and paying 45 percent tax and penalty
- 64,275 declarants disclosed an amount of INR 65,250 under IDS
- This will yield INR 30,000 crore to the government
