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Indore: I-T dept will ask sources of abnormal deposits

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Indore: After government’s demonetisation move, it would be difficult for traders to escape the radar of the Income Tax Department. The ITD will definitely ask them about the abnormal deposits. So it is time for them to come clean and pay the due tax.

These views were expressed by Joint Commissioner of ITD, Indore Rajib Jain here on Tuesday while addressing a workshop, organised by Ahilya Chamber of Commerce and Industry.

Jain said if a business man is earning while and black money both from a same business, then will surely ask sources of income.


Amid run-up of demonetisation of high value currency notes and also passage of amendment in Income Tax Act making stringent provisions to curb black money, Jain advised traders that they should come in the main stream for which they can use new age payments and receipt systems. If traders go for payment collection, he can do through POS or card swipe machines. This will help them less dependent on cash.

Dispelling fear of traders, he said that if someone has genuine cash he should not fear as the officers of ITD are quite sympathetic towards them. However, he warned that the traders would receive notices if they fail to give wrong info. He said that when we see advancement in developed countries, we think why our country lacks such things? The nation is marching ahead and today’s situation is a transition period.

PK Balaji, DGM of State Bank of India, admitted that there is problem of cash in banking system, but banks and their staff are working hard to bring the situation normal. He urged traders to march follow cashless banking system. Elaborating his bank’s efforts in this direction, Balaji said that banks have introduced certain measures including Point of Sale (PoS), e-connect, SBI Buddy and mobile banking.

CA Abhay Sharma and Journalist Navneet Shukla also presented their views on demonetisation.

Earlier delivering the welcome address, Ramesh Khandelwal, president of Ahilya Chamber of Commerce and Industry said public is fearing the scheme and they may turn against the move if suitable steps are not taken.

Expressing concern over way of working of the RBI, Khandelwal said that the central banks is changing its announcement every day. He gave example that on day one, the central bank stated that Rs 1000 currency notes can be exchanged till December 30 and on November 25, it withdrew the facility. A large number of traders of different sections attended the workshop.