BENGALURU: The Income tax department across India has been unearthing misuse of Jan-Dhan accounts in the wake of demonetization.
Undisclosed money of nearly Rs. 1.64 Crore has been deposited by people who have never filed returns of income being below taxable limits into their Jan-Dhan accounts, which has been detected by The Central Board of Direct Taxes (CBDT) in places like Kolkata, Midnapore, Ara in Bihar, Kochi and Varanasi.
Nearly Rs. 40 Lakh has been seized from one such account in Bihar. Any undisclosed income detected will be brought to tax as per the provisions of the Income Tax Act, 1961, apart from other actions depending upon the outcome of investigations.
“Investigation is being conducted by the income tax department across India into the sudden surge in cash deposits in Jan-Dhan accounts have revealed various inconsistencies,” said Meenakshi J. Goswami , Commissioner of Income Tax in a press release.
The Central Board of Direct Taxes (CBDT), by and by desires the record holders not to agree to any sort of misutilization of their records, which would expose them to dangers of being held responsible for tax evasion by unethical practice.
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, banking/ savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.