Hyderabad: Commercial establishments that report a greater number of cash transactions such as petrol pumps, gas agencies and other retail outlets are under the radar of the income-tax department for making deposits and withdrawals.
If any petrol pump management deposits more cash in its current account than regular sales, they will come under the income-tax scanner.
According to Sanjay Bahadur, the director-general, income-tax department (investigation), banks are closely monitoring regular transactions being made by retail outlets, especially petrol pumps in Telangana state.
"As the Model Code of Conduct (MCC) is in force, the income-tax department is closely observing the financial transactions of businessmen and others to prevent illegal transport of money. If any suspicious transaction is made in any bank, the IT officials will swing into action by registering cases," the director-general said.
For instance, if the daily sales at a petrol pump daily is worth Rs 5 lakh, but the amount deposited in the bank account exceeds the sale amount, the management will face income-tax scrutiny.
Similarly, the income-tax officials would also verify affidavits filed by people contesting elections in terms of their source of income, income-tax returns, expenditure, business activities, profits and loss of the candidates. “We will verify the affidavits of contesting candidates up to six months after elections are over. If any violation is found, we will send a report to the Election Commission for action," Sanjay Bahadur said.
