Taxman sends 3000 notices for high bank deposits post notes ban
PrintListen to this Article
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation announcement on November 8, it has come to its notice that people have been unscrupulously trying to convert their black money holdings in cash into white by depositing in bank accounts.
"After the demonetisation, we collected information almost on a real time basis. Based on information screening we have conducted search and seizures in about 291 cases. We have carried out surveys in 295 cases. We have also issued around 3,000 notices on the basis of deposits in bank accounts," Mr Chandra told reporters here.
During this period, the total cash seizures amount to Rs 316 crore, of which new currency is above Rs 80 crore and jewellery seizure is Rs 76 crore - making the total seizure worth Rs 393 crore. The admitted concealed income on the basis of these surveys is Rs 2,600 crore, he said.
The common route for misuse include using cash for purchase of bullion, jewellery, back-dating of cash transactions, depositing cash in multiple accounts just below Rs 2.50 lakh, depositing cash in Jan Dhan, dormant and shell company accounts and use of cash for repayment of loans.
Mr Chandra said CBDT is collecting data of all bank accounts, and analysing this data with the existing income tax data.
"So the assessees should know that their deposits in bank accounts are being watched. We are examining whether it is explained money or not. Therefore they should come very very clean under this scheme which is the last window available for anyone," he said.
Revenue Secretary Hasmukh Adhia said that within a month's time banks will accumulate PAN numbers of all account holders except for Jan Dhan accounts.
He said in 12 cases of "unscrupulous conversion" of old notes into new currency, CBI has filed FIRs, while ED has filed 17 cases of money laundering.
Ever since the cancellation of legal tender of Rs 500 and Rs 1,000 notes on November 8, people have been queueing up at banks to deposit the now-defunct currencies.
As per Reserve Bank of India data, over Rs 12.44 lakh crore worth of the scrapped currency has been deposited till December 10. As per estimates, there was Rs 15.44 lakh crore worth of high value currency in the system on November 8. #casansaar (PTI - Profit NDTV)
Category : Income Tax | Comments : 0 | Hits : 959
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments