Skip to main content

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

By
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

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more