I-T dept begins process of analysing deposits post note-ban
December 28, 2016 23:08
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
Interacting with representatives of trade bodies, Chartered Accountants and other professionals, Principal Commissioner of Income Tax A K Chauhan said that under the
Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme, cash and deposits "maintained" by a person can only be declared by an entity and not in the name of someone else.
"We are in the process of examining and identifying deposits in bank accounts. So, I would say don't feel complacent...People who wish to use the scheme should avail
the PMGKY. We are putting in our efforts to analyse the data that we obtain from the Financial Intelligence Unit and others to do this," he said.
"After the closure of the scheme, it will be really really tough for evaders," Chauhan told the participants.
He said the scheme is valid for people and entities who maintain their own cash and deposits, and if they aim to avail the PMGKY for someone else, whose accounts they handle, that will fall into the purview of the Benami Transactions Act, which is not allowed under the latest scheme.
"The declaration made under the PMGKY shall not confer any benefit, concession or immunity on any person other than the declarant," he said.
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