IT’S RAINING MONEY FOR INCOME-TAX DEPARTMENT – A PRESS REPORT
HAVE YOU PAID THE ARREARS OF PROPERTY TAX, CLEARED BESCOM BILLS, INSURANCE PREMIUMS IN BULK AND PAID ALL OVER DUES – YOU ARE UNDER IT SCANNER !!!!
Post the 8/11 demonetisation move, it is raining moolah for the Income Tax department. Not only has the year been good in terms of increase in searches, seizures, declarations and prosecutions, the intelligence and criminal investigation wing has dug up huge cash transactions done in just two banks in the last two months, amounting to over Rs 1,600 crore. And as many as 1,300 depositors of Rs 1 crore and above cash have been issued notices by the taxmen, calling for explanation.
Cooperative banks all over the state that are under the radar of the department for concealing information of the high value transactions including fixed deposits of more than Rs 10 lakh, will face serious action in the days to come. This year has seen 14 inspections of banks where 59,373 undisclosed entreis have been found, that have transactions of over Rs 10 lakh, totalling Rs 7,636 crore.
After the demonitisation move, in just two banks, the intelligence and criminal investigation wing which has dug up a lot of dirt has found nearly 2,000 entries of transactions to a tune of Rs 1,600 crore. This apart, letters seeking explanation about the source of the finance have been sent to 1,300 depositors for fixed deposits upwards of Rs 1 crore amounting to Rs 2,400 crore.
Intelligence and criminal investigation wing director R Ravichandran told reporters on Wednesday: “We have a lot of information about the non-PAN transactions and the exercise has started. Among the 285 banks, 80 have not filed their annual returns with the department for over five years. Cooperative banks across the state as well as some nationalised banks have defaulted on disclosing high value transactions and deposits of over Rs 10 lakh. These banks are aiding and abetting tax evasion by concealing the transactions and are liable for stringent action as per the income tax rules. This financial year till December, we have issued 2,300 letters to despositors who have made fixed deposits of Rs 50 lakh and above asking them to explain the source of income.’’
The I-T headquarters will also be playing a crucial role in the recently introduced Pradhan Mantri Garib Yojana scheme as crucial information has been gathered and collated from here. Chief commissioner of income tax (Karnataka and Goa circle) Nutan Wodeyar who addressed the media, gave some insights into the scheme which entails declaring taxes and paying in old Rs 500 and Rs 1,000 currencies. “Under the new scheme, people have yet another chance to declare the undisclosed income by paying 50% towards tax, surcharge and penalty berfore March end. If done prior to December 2016, payments can be made in old demonetised currency. If the tax payers do not opt for the scheme and later if there is a search and seizure, then they will have to pay a minimum of 107.25% to 137% of their undisclosed income,’’ Wodeyar explained.
According to B R Balakrishnan, director of the investigation wing, the department has a lot of information from Delhi intelligence unit and tax evaders are also being watched by CBI and Enforcement Directorate as well. “Whoever has done all the smart schemes to evade tax, you are being watched. We are sending out teams every day. Right from Bescom payments where people have cleared huge arrears, to paying property tax and LIC premiums in bulk, all transactions are under the scanner,’’ he explained.