Undisclosed Rs 1.64 crore in Jan Dhan accounts
There has been a huge surge in Jan Dhan Accounts with Rs 21,000 crore deposited in them after demonetisation.
New Delhi: Income tax (I-T) department has started investigating the sudden surge in funds deposited in Jan Dhan accounts post- demonetisation of Rs 500 and Rs 1,000 currency notes on November 8.
The I-T department said on Friday that its investigations across India into the sudden surge in cash deposits in Jan Dhan accounts have revealed various inconsistencies.
During its investigation, the I-T department has already found undisclosed money of Rs 1.64 crore being deposited in such accounts by people who never filed income tax returns as their annual income is allegedly below taxable limits. These funds have been discovered in Jan Dhan accounts in Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi.
“Rs 40 lakh has been seized from one such account in Bihar,” said income tax department. “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,” it said.
The CBDT once again urged the account holders to stay clear of any misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion. There has been a huge surge in Jan Dhan Accounts with Rs 21,000 crore deposited in them after demonetisation.