Skip to main content

I-T Dept to Soon Issue Notices to Suspicious Cash Depositors

I-T Dept to Soon Issue Notices to Suspicious Cash Depositors
The Income Tax Department will soon issue notices to those who have deposited “suspicious” amounts of money in banks post-demonetisation and have not responded to taxman's preliminary communication, CBDT said on Tuesday.
Sushil Chandra, chairman, Central Board of Direct Taxes (CBDT), said despite closing of I-T returns filing time period, a number of entities and individuals failed to file their tax returns, as required under the ‘Operation Clean Money’ (OCM) initiated by the government to check black money post demonetisation.
“The government has already taken all measures under the Operation Clean Money. We have given enough time to people to file their returns and come out clean,” he said. “But we have found that even after the last date of returns, a large number of persons have not filed the same,” Chandra said.
LENS ON PROFILES OF PROPERTIES
The Income Tax Department is matching the “tax profiles” of all property registrations of above ?30 lakh under the provisions of the anti-Benami Act, as action against illicit asset holders is set to intensify, the CBDT chief said.

CBDT chairman Sushil Chandra said the taxman is also investigating those shell companies and their directors whose operations were recently “debarred”. Chandra said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about ?1,800 crore.
“We will destroy all instruments that are used to convert black money into white. This also includes shell companies. Also, the department is checking the income tax profiles of all properties which have a registry value of over ?30 lakh. “We get this information under the law. If these profiles are found suspicious or incorrect, action will be taken (under the Benami Act),” Chandra said.
CONFIDENT I-T DEPT WILL GO PAST COLLECTION TARGET: CBDT
CBDT said it was not only confident that the Income Tax Department would achieve the direct tax collection target for the current financial year, but that it would go past it. “The collections (under the income tax, personal tax and other direct tax categories) have been buoyant and very good. I’m very happy to say that the net growth of collections is about 15.2% at the moment and I would say that the individual assessees under the advance tax category have responded very well,” Chandra said.
The Economic Times, New Delhi, 15th November 2017

Comments

Popular posts from this blog

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

GST Refund of Rs 20,000 Cr Pending: Exporters’ Body

GST Refund of Rs  20,000 Cr Pending: Exporters’ Body Refund of over Rs 20,000 crore on account of Goods and Services Tax (GST) is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations said on Tuesday. While claims over Rs7,000 crore were cleared in March, the amount was Rs 1,000 crore in April.However, after exporters’ request, the GST council and tax department are organizing a second phase of Special Refund Fortnight starting May 31, which will enable exporters to draw their refunds at a speedy pace. Many exporters have been unable to file the refund of input tax credit due to technical glitches, exports and claim happened in different months. The major challenge lies on ITC refund especially because the process is partly electronic and partly manual which is cumbersome and add to the transaction cost, the exporters’ body said. On IGST, refunds are getting delayed due to airline and shipping companies not submitt…

RBI rushes in to prop up falling rupee

RBI rushes in to prop up falling rupee India’s central bank reportedly intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25 per cent to the dollar during the period, show data from Bloomberg. On Monday, the Reserve Bank of India (RBI) is said to have sold about Rs 800 million collectively on the spot and exchange traded futures markets, dealers said. An email sent to RBI remained unanswered until the publication of this report. The currency market has seen such a strong central bank interven…