IT says 2,300 deposited over Rs 80 lakhs
Nearly 2,300 persons in Coimbatore region have deposited more than Rs 80 lakh in their bank accounts from November 9 to December 31 last year, Chief Commissioner of Income Tax (IT), Coimbatore, T P Krishnakumar, told reporters. However, he refused to disclose the volume of money deposited in total in those accounts.
By : migrator
Update: 2017-03-12 05:21 GMT
Coimbatore
The chief commissioner said that the department used a scientific approach using information technology and data analysis to scrutinise lakhs of transactions in bigger volumes.
He said that the department has started serving notices to those account holders and sought an explanation, for the heavy transactions. “If needed we will conduct a survey and search their premises,” he said.
“Over the last two weeks, we have been conducting a survey at more than 100 places in Coimbatore and Madurai region,” he said and appealed to those in possession of unaccounted money to provide details for the same before March 31.
Krishnakumar said that those who voluntarily admit it have to pay a 49.99 per cent tax, penalty and surcharge for the money, 77.25 per cent if they accepts it when the department was conducting a survey, 83.25 per cent and penalty if he does not accept hoarding black money during the survey.
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