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Sunday, January 24th, 2021

CBDT once again urges the account holders not to consent to any kind of mis-use of their accounts

INVC NEWS New Delhi, Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies. Undisclosed moneys of approximately Rs.1.64 Crore deposited by persons who have never filed returns of income being below the taxable limits, into their Jandhan accounts have already been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi. Rs. 40 Lakh has been seized from one such account in Bihar. Undisclosed income so detected will be brought to tax as per the provisions of the Income Tax Act, 1961, apart from other actions depending upon the outcome of investigations. The Central Board of Direct Taxes (CBDT), once again urges the account holders not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

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