After demonetisation, here comes the black money crackdown. 5,000 suspicious accounts and cash deposits of Rs 1 crore or more under I-T scrutiny.A Mumbai-based jeweller who deposited Rs 100 crore in his bank account in December was summoned by the income-tax department recently.
He was asked to submit income-tax permanent account number (PAN) details of all who bought gold or jewellery from him since November 8, when demonetisation was announced.
A New Delhi-based real estate developer who put Rs 25 crore into his account on December 30 has got a formal query from the income-tax department. The developer said the money was “cash on hand” as reflected in his books of accounts. Tax officials are planning to scrutinise his books of accounts for the past few years.
Real estate developers, jewellers and sellers of luxury goods have come under the I-T department’s scanner as part of the exercise to unearth black money in the wake of demonetisation.
Many are currently being summoned and are likely to be slapped with tax notices in the coming months, said tax officials and consultants aware of the matter.
The government will also pursue those who may have sought to launder money this year itself, rather than the two-three years it usually takes for the income-tax department to send notices.
A three-member committee comprising top income-tax officials has been formed to amend the rules so that notices for assessment year 2016-17 can be served in 2017 itself, said one of the people cited above.
He was asked to submit income-tax permanent account number (PAN) details of all who bought gold or jewellery from him since November 8, when demonetisation was announced.
A New Delhi-based real estate developer who put Rs 25 crore into his account on December 30 has got a formal query from the income-tax department. The developer said the money was “cash on hand” as reflected in his books of accounts. Tax officials are planning to scrutinise his books of accounts for the past few years.
Real estate developers, jewellers and sellers of luxury goods have come under the I-T department’s scanner as part of the exercise to unearth black money in the wake of demonetisation.
Many are currently being summoned and are likely to be slapped with tax notices in the coming months, said tax officials and consultants aware of the matter.
The government will also pursue those who may have sought to launder money this year itself, rather than the two-three years it usually takes for the income-tax department to send notices.
A three-member committee comprising top income-tax officials has been formed to amend the rules so that notices for assessment year 2016-17 can be served in 2017 itself, said one of the people cited above.
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