Income tax department has started tightening noose around those who have made unusual and suspicious transactions, depositing scrapped Rs 500 and Rs 1,000 currency notes in their accounts. Legal notices have been sent to such depositors and were asked to reveal the source of their income.
Alarm was raised when accounts that were lying dead for months and years had sudden deposits of large sum. To avoid any I-T scrutiny, deposits were made less than Rs 2.5 lakhs. Banks have been asked to identify such accounts and inform the income tax officials.
"At present we are looking in those cases where there are suspicions of unaccounted old currency is deposited in someone else's bank accounts," said an income tax official. "For higher amounts, it will clearly reflect in the system of banks and everybody will know about it," added the official.
The drive in Rajasthan is part of the country operation to identify suspect bank accounts where huge cash deposits have been made post November 8. According to the officials such instances where the suspicion is found to be true will be prosecuted under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property that has been enforced from November 1 this year.
There were some unusual cases that came to one of the public bank's notice. Saving account which was lying dormant for many months was credited with exact amount of Rs 2.5 lakh. When details were dug out, it clearly indicated that it not the account holder's money. These cases are now being refereed to I-T for further investigations.
You can file your ITR with ease via All India ITR.
Source : https://goo.gl/Tzz5M0
Also Read : Income Tax Department Conducts Raids
Alarm was raised when accounts that were lying dead for months and years had sudden deposits of large sum. To avoid any I-T scrutiny, deposits were made less than Rs 2.5 lakhs. Banks have been asked to identify such accounts and inform the income tax officials.
The drive in Rajasthan is part of the country operation to identify suspect bank accounts where huge cash deposits have been made post November 8. According to the officials such instances where the suspicion is found to be true will be prosecuted under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property that has been enforced from November 1 this year.
There were some unusual cases that came to one of the public bank's notice. Saving account which was lying dormant for many months was credited with exact amount of Rs 2.5 lakh. When details were dug out, it clearly indicated that it not the account holder's money. These cases are now being refereed to I-T for further investigations.
You can file your ITR with ease via All India ITR.
Source : https://goo.gl/Tzz5M0
Also Read : Income Tax Department Conducts Raids
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