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Centre Desires Cash Transaction Counter For Income Declaration Scheme

Sep. 09 Economy Comments

[New Delhi]Centre Desires Cash Transaction Counter For Income Declaration Scheme
Ministry Of Finance Requested Reserve Bank of India(RBI) to issue instructions to banks to allow payment of tax under the Scheme in cash and to allow deposit of cash over the counter.
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.
The Scheme has come into effect from 1.6.2016 and is open for declarations upto 30.9.2016.
The Central Board of Direct Taxes (CBDT) clarified that Reserve Bank of India (RBI) has been requested to issue instructions to banks to allow payment of tax under the Scheme in cash and to allow deposit of cash over the counter.
The RBI has Circulated these instructions to the banks on 8th September

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