BHOPAL: Prime Minister Narendra Modi, while announcing demonetisation of Rs 500 and Rs 1000 currency notes, may have declared that no explanation would be sought for depositing up to Rs 2.5 lakh in savings accounts but the Income Tax department has asked banks to furnish information about customers depositing smaller amounts too.
I-T department would check the quantum of cash deposited in bank accounts between April 1 and November 8. The money deposited in such accounts after November 8, would also be added. If the total amount comes to more than Rs 2.5 lakh then notices will be issued to submit return and deposit tax.
As per sources in I-T department, income tax is calculated on annual financial transactions of a person. Income tax may be levied if a person deposits more than Rs 2.5 lakh in his saving account. Such persons will be issued notices seeking reply. Those who have not submitted income tax returns will be asked to do so and their transactions would be scrutinised.
The department is also seeking a list of people depositing demonetised notes frequently into their bank accounts.
These people may be asked to explain the reason for making deposits in parts.
The department suspects that those who are depositing demonetised notes frequently are doing so on behalf of others. The department has also instructed its officers to complete all pending works by December 31 so that from January 1, they can focus on post-demonitisation deposits.
Jeweller’s sales on Nov 8 exceeds its annual turnover
A jewellery shop in the city sold gold worth Rs 15 crore on 8 November – the day demonetisation of two high-denomination currency notes was announced by PM Modi – which was more than its annual turnover. This came to light in a survey conducted on Arera Jewellers by the I-T dept on Thursday. The establishment, owned by Satish Arora and his wife Vijay Laxmi Arora, sold gold to hundreds of customers in one day. The I-T teams continued their survey of jewellery shops in four cities of the state on Thursday. The department is conducting surveys at more than one dozen places. The stocks of the establishments are being verified. The department found no irregularities in Swarnaprabha and Akshay jewellers. Tanishk showrooms in DB Mall and Malviya Nagar were also surveyed. Meanwhile, the survey at Agarwal jewelers has been converted into search. In I-T jargon, it means that prima facie, serious irregularities have been discovered.
