STATE TIMES NEWS
JAMMU: The Department of Income Tax will scrutinise all the bank accounts which have been opened after the demonetisation of Rs 500 and 1,000 currency notes announced by Prime Minister Narendra Modi on 8th November, 2016.
Principal Commissioner of Income Tax, J and K, Sangeeta Gupta said that the department will write to all the banks for submitting details of newly opened accounts between 9th November to 31st December, 2016 and the persons depositing old denomination currency beyond the limits for both saving and current accounts.
Offering last chance to the people holding black money, Sangeeta asked people to take benefit of new Declaration Scheme launched by the Central Government.
“The government has given another chance which probably is the final for those who have accumulated unaccounted wealth to come clean and those who dare to ignore this chance shall have to face stringent penalties”, Principal Commissioner of Income Tax, J and K told reporters.
“Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, started on 17th December will remain open until 31st March next year. Those who declare cash deposits under this will be levied a charge of 50 per cent comprising 30 per cent tax, 33 per cent surcharge and 10 per cent penalty. In addition to this, 25 per cent of the amount declared will go into the noninterest-bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years. In PMGKY, the old currency notes can be deposited upto 31st December, 2016 however, the scheme will continue till 31st March, 2017,” she divulged.
Sangeeta Gupta asserted that the government has given another chance to black money holders by opening one more window after the much publicized Income Declaration Scheme which culminated on 30th September.
Declarations under PMGKY will be confidential and those taking advantage of the same will escape prosecution. “The government has given good opportunity for the declaration because we want people to voluntarily come forward and make their declarations,” said Sangeeta Gupta while notifying the new scheme.
“We do not want Inspector Raj. Part of money collected through PMGKY’s will be used for the benefit of the poor. Those who don’t take advantage of the scheme and are caught later will face up to 85 per cent penalty, besides prosecution,” she added.
The Principal Commissioner warned that the mere deposit of demonetised cash will not make it white adding that the government was getting data from multiple sources and action will be taken accordingly.
Responding to a query on number of Jan Dhan accounts being misused in J&K, she informed that Income Tax Department has been directly linked with the servers of banks and the exact figure is expected to come out in the first week of January 2017.
Principal Commissioner cautioned the account holders that they will be prosecuted under the Income Tax Act for allowing the misuse of their bank accounts by depositing other people’s money in old Rs 500 and 1,000 denomination notes.
Earlier, she held a meeting with tax advisors and asked them to convince the assessees for depositing their unaccounted wealth under Pradhan Mantri Garib Kalyan Yojana before 31st December.
Other officers from the IT Deptt present were Hemant Gupta Jt.CIT, P S Jamwal, Ajay Rana and Parveen Khajuria ITOs.