Income Tax serve notices to 550 people with more than 15 lac deposit

Himachal Pradesh Circle of Income Tax Department slapped notices on more than 550 people who had deposited more than 15 lakh in old denomination of Rs 500 and Rs 1000 in their bank account during the Demonetization move, a senior functionary of department said today. ”We have issued notices to more than 550 in the State to submit the reply by end of this financial year on Mar 31 to disclose or explain the source of the deposits in the old denomination failing to which the action forfeiture is expected soon.”  This was stated by the Chief Commissioner of Income Tax Himachal circle, Mr. Pritam Singh while interacting with media persons today.

 

He disclosed that about 550 persons who had shortlisted who had deposited more than 15 lakhs during the demonetization has issued notices to explain their deposits. “Moreover 14 to 15 people were scanned which have made the huge deposits in state includes mainly jewelers and big traders.” ”The search have been conducted on their business establishments and premises and during the raids income tax confiscated  incremental documents and material supporting the purpose of such raids.”  Mr Singh told media persons.

 

All those who had received  notices or deposited more than Rs 15 lakh would have to turn up with the explanation by Mar 31 this year. Acting on such people income tax department would penalize defaulters after confiscating 49.09 Percent of their wealth who could allowed to withdraw 25 per cent of their deposits after three years. If left out would not verify their source of earning after Mar 31 they would be charged with 77 per cent and those who turn up later than this to be penalised with 83 per cent.

 

Mr. Singh said that those who have deposited the said amount due to their earning from apple orchards and other sources need not to be worry however they have to explain and delay would amount to action. Mr. Singh said that  it has taken action against five persons who failed to applied for after the voluntary disclosure scheme for income tax and Benami assets till Nov 30. The amount confiscated by departments would be given to Prime minister Garib Kalyan Yojana, he added.

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