|
|
|
|
|
|
| |
| |
By Category |
 |
|
|
| |
|
| |
| |
India On Media |
|
|
|
| |
|
| |
|
|
| Politics
News |
|
| Crackdown On Black Money: |
| Crackdown On Black Money: Deposits Above Rs. 2.5 Lakh To Face Tax, Penalty On Mismatch
|
| INDIA
, 9-November-2016
20:9:8 PM |
| Cash above Rs. 2.5 lakh deposited in banks following the scrapping of Rs. 500 and Rs. 1,000 notes could attract a tax and a 200 per cent penalty in case it is disproportionate to the account owner's income, the government has said.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day window till December 30.
Similarly, jewellers have been told to keep PAN details of people buying jewellery on cash. Action will be taken against them in case of non-compliance.
The government's move is the sequel to the scrapping of high denomination notes, meant to flush out black money and counterfeit currency.
"We will be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs. 2.5 lakh in every account," Revenue Secretary Hashmukh Adhia said.
The Income Tax department, he said, will match this with the income tax returns filed by the depositors. In case of a mismatch, "suitable action may follow," Mr Adhia said. It would be treated as a case of tax evasion.
In such a scenario, the tax amount plus a penalty of 200 per cent of the tax payable would be levied under the relevant sections of the Income Tax Act.
|
|
|
|
|
|
|
|
ADVERTISEMENTS
Free offer!!! Become an administrator for your zip home page, "Post" local news (local to your postcode)& pictures, "Post" advertisement banners from local companies. Make Extra money.
|
 |
 |
|
|
| |
|
