2,300 deposits under scanner

The Income Tax Department is pursuing about 2,300 cases in Coimbatore region that have been identified for making huge deposits during the demonetisation period.

Transactions

T.P. Krishna Kumar, Chief Commissioner of Income Tax, and Principal Commissioner M. Tirumalakumar told reporters here on Friday that 18 lakh transactions made during the demonetisation period were identified as suspect ones across the country.

The region-wise details are shared in phases for the local officials of the IT department to pursue. In the first phase, about 2,300 cases found to have made huge deposits during November-December in Coimbatore, Tirupur, and the Nilgiris districts have been identified.

The department officials are asking for details from these depositors. If the response is not satisfactory, they are pursuing it with more action.

Surveys

In the last two weeks, more than 100 surveys have been conducted by the department officials in Coimbatore and Madurai regions.

The officials also explained about Pradhan Mantri Garib Kalyan Yojana, a scheme introduced in December last year and will end with March 31.

Objective

“The objective of the scheme is to utilise the black money collected post-demonetisation phase to undertake anti-poverty and development works,” according to a press release.

Under the scheme, any person can make declaration of undisclosed income and pay 30% tax of the undisclosed income, apart from penalty and surcharge.

About 25% of the amount will be deposited under the scheme and it will not give any interest and will have a lock-in period of four years.

A declaration in the prescribed form is to be made, he said.

“The consequences will be severe for those who are found to have undisclosed income and have not declared it under the scheme,” said Mr. Tirumalakumar.

Mr. Krishnakumar added that the response so far has been good for the scheme, though he did not share details of number of persons who have opted for it in the region.

The revenue realisation of the department is also good this year, he added.

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