Income Tax department directs taxpayer to hurry up as IDS window deadline nears

The Income Tax Department on Sarturday directed the people involved with blackmoney to hurry in clearing their taxes under the Income Declaration scheme, as only 20 days left for the window to close for declaration. 

It said, "The Income Declaration Scheme closes on September 30, 2016. Only 20 days left so hurry up declare now."

The tax department also added that,"IDS, Cir.31 date 30.08.16 clarifies that info. of declarant filing electronically with digital sign will not be share jurisdictional PCIT."

In a move to clear black money, the Government of India launched Income Declaration Scheme as an opportunity to people who haven't paid full taxes in the past can come forward and declare their undisclosed income and assets. It took effect on July, 2016 and is open for declaration upto September 30, 2016. 

Recently to facilitate the scheme, the Reserve Bank of India (RBI) has directed banks to accept cash from all their customers who plan to pay their taxes through cash at the counters. 

It was brought to RBI's notice by government that, banks have been hestitating in allowing deposits of large amounts via cash by the declaranrs under the scheme, crediting the amount under goverment account.

RBI said," The banks have been advised to ensure their branches invariably accept cash from all their customers who desire to deposit cash at the counters."

To eliminate inconvenience and facilitate smooth process of filing tax returns under the Income Declaration Scheme (IDS), the Central Board of Direct Taxes (CBDT) has extended the date for taxpayers to October 17, for those tapayers whose accounts are audited.