The government on Wednesday warned that cash deposits above Rs 2.5
lakh threshold under the 50-day window could attract tax plus a 200 per cent
penalty in case of income mismatch.
"We
would 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." The
(tax) department would do matching of this with income returns filed by the
depositors. And suitable action may follow," revenue secretary Hashmukh
Adhia said tonight.
Any mismatch with income declared by the account holder will be
treated as a case of tax evasion. "This would be treated as a case of tax evasion and the tax
amount plus a penalty of 200 per cent of the tax payable would be levied as per
the Section 270(A) of the Income Tax Act," he said.
The government has allowed citizens to deposit in their bank
accounts old currency of Rs 500 and Rs 1,000 denominations, which had been
declared invalid in the nation's biggest crackdown on blackmoney, corruption
and counterfeit notes, between November 10 and December 30.
Adhia said small businessmen, housewives, artisans and workers who
had some cash lying as their savings at home should not be worried about any
tax department scrutiny. "Such group of people... need not worry
about such small amount of deposits up to Rs 1.5 or 2 lakh since it would be
below the taxable income. There will be no harassment by the Income Tax
Department for such small deposits made," he said.
On people resorting to buying of jewelery, he said persons buying
jewelery has to provide the PAN number. "We are issuing instructions
to the field authorities to check with all the jewellers to ensure this
requirement is not compromised.
"Action will be taken against those jewellers who fail to
take PAN numbers from such buyers. When the cash deposits of the jewellers
would be scrutinised against the sales made, whether they have taken the PAN
number of the buyer or not will also be checked," he added.
Source: HindustanTimes
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