New Delhi: The Income Tax Department have their undeclared bank accounts of others who have warned. Department against those who violate the rules in this case anonymous transactions under the law, which has decided to charge a penalty and a maximum seven year prison sentence.
50 crore cash seized
Meanwhile, official sources said that the department suspected of November 8, he notes obsolete over the use of which has more than 80 surveys and 30 Tlashian undisclosed income of over Rs 200 crore intercepted. Such action has been seized cash of Rs 50 crore.
500 and 1000, the government announced plans to break out of the existing notes had on November 8. Tax authorities following the date of cash deposits made to bank accounts of cases under investigation has campaigned throughout the country.
Action under the 1988 law will be
Officials found that in cases of doubt on the anonymous property transactions will be processed under the 1988 law. This legislation fixed and mobile, applies to both properties. Under the law and the amount deposited in the account, which was deposited, both can be caught.
CBDT said the IT department to track
The sources said the CBDT has asked the IT department to keep a close watch on those cases in which the old currency notes of Rs 500 and 1000 using your legalizing black money and others to conceal the use of bank accounts suspected of be. "
"The first few cases have come to light in this regard and the department will issue a notice under law, Anonymous." He initially will be issued in those cases in which the range of Rs 2.50 lakh has been made larger than the amount of money deposited. But will also examine those cases that have fewer banks or financial intelligence unit will complain of suspicious transactions. "
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