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JammuJewellers, charitable, religious organizations under I T Dept scanner

Jewellers, charitable, religious organizations under I T Dept scanner

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Jewellers, charitable, religious organizations under I T Dept scanner

NL Correspondent

SRINAGAR: The jewellers, charitable and religious organizations are under the scanner of Income Tax Department and as notices have been sent to them to refrain in helping people in tax evasion.

Income Tax Department has warned societies and trusts, including religious and charitable bodies, to not accept old currency Rs 1000 and Rs 500 and furnish cash balance details as on November 8, the day the central government announced the decision to demonetise the high denomination notes.

The IT department officials termed the move as “precautionary measure”, keeping in view the Government of posturing against the black money holders.

I-T Department in its notices have invoked the Section 133(6) of the Income Tax Act, 1961, which empowers the I-T authorities to compel banks and other authorities to furnish information which could be useful in connection with any pending proceeding or enquiry.

“Submit cash balances as per your books of accounts of all institutions being run by you as on 31-03-2016 and as on close of 08-11-2016 to this office,” the notice issued by I-T Department reads.

Similarly, the Tax Department has issued scores of notices to the people in the state seeking “source” of funds from individuals and firms who have deposited huge amounts of cash in banks using the scrapped Rs 500 and Rs 1000 currency notes after November 8.

“Some notices have been sent after banks reported various cases of suspicious volumes of cash deposits in their accounts beyond Rs 2.5 lakh. The accounts of various other suspected people are also been scanned,” an official of Income Tax Department said.

Principal Commissioner of Income Tax, J&K, Sangeeta Gupta confirmed that I-T Department has served notices to various people who have made heavy deposits in banks for the last two weeks.

“There are suspected accounts where some people have deposited heavy sum in banks and also some jewelers who took heavy sum from people to convert that into gold.  So far notices have gone to many people in Jammu and the process has been initiated to send similar notices in Kashmir to such people,” Gupta said.

Earlier the jewellers remained shut in the state after a survey was conducted on the suspicion that some of the bullion dealers were making attempts to illegally bring the demonetized currency of Rs 500 and Rs 1,000 into their trade by showing sale of gold and jewellery in back date.

It was also alleged that traders were charging exorbitant fee up to 150 per cent of the prevailing rates.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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