I-T dept sends notice for details of transactions above Rs10L after note ban
The Income Tax (I-T) department has sent reminders to nearly 120 people in whose bank accounts transactions to the tune of Rs10 lakh and above took place from November 10-30, post demonetisation of higher currency notes.noida Updated: Mar 14, 2017 22:41 IST
The Income Tax (I-T) department has sent reminders to nearly 120 people in whose bank accounts transactions to the tune of Rs10 lakh and above took place from November 10-30, post demonetisation of higher currency notes.
In most of the accounts, the money was deposited and has been shown as income. The I-T department has asked the account holders to provide details of the transactions within 10 days of receipt of the notice.
Those under the I-T department scanner includes traders, industrialists, hospitals, petrol pump owners, jewellers, and dairy owners.
The I-T department in Noida had started issuing notices from December 15 to nearly 250 people, in whose current accounts transactions of Rs10 lakh and above took place during the period, seeking the source. While 130 of them sent their replies to the I-T department in the last three months, the remaining 120 are yet to respond to the notice.
“Some of them have been sent reminders thrice but they are yet to reply about these transactions or state the source of their income. The transactions were made in cash, National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and in some cases, through cheque as well,” an I-T officer in Noida said.
The I-T department in Noida has jurisdiction over Gautam Budh Nagar and Bulandshahr. A majority of these 250 persons to whom the notice was sent are from Gautam Budh Nagar, the official said.
The I-T department officials said if the persons who have been issued notices want to disclose unaccounted money they will have to do so as per the Pradhan Mantri Garib Kalyan Yojana (PMGKY), which was started on December 17 and which will remain open until March 31.
Those who declare cash deposits under this will be levied a charge of 50%, comprising a 30% tax, 33% surcharge and 10% penalty. In addition, 25% of the amount declared will remain deposited in PMGKY for four years, without any interest.
“PMGKY was notified after making an amendment to the taxation laws and it came into force on December 15. If they (those with black money) do not declare it by March 31, they will have to pay 89% of their declared income to the government and also face prosecution,” the official said.