Wednesday, December 7, 2016

Income-Tax Dept. found Rs 1.64 cr. black money deposited in Jan-Dhan Accounts

The Income-Tax Department conducted investigation across India due to sudden surge in cash deposits in Jandhan accounts. Investigation revealed undisclosed moneys of approximately Rs.1.64 Crore deposited into Jan-Dhan Accounts. Such deposits have been made by persons who have never filed returns of income and whose income is below the taxable limits.

Such Jan-Dhan accounts have been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi. Rs. 40 Lakh has been seized from one such account in Bihar. Undisclosed income so detected will be brought to tax as per the provisions of the Income Tax Act, apart from other actions depending upon the outcome of investigations.

The CBDT has again urged the account holders not to consent to any kind of misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

Currency Notes printed for RBI held as goods : Madhya Pradesh HC

Assessee was a company, engaged in the business of printing of currency notes for Government of India. The VAT department raised demand on assessee on the ground that currency notes were goods. The assessee filed writ before the High Court and argued that it was performing the sovereign functions of the Govt. of India and could not be said to be a dealer engaged in any business activities.The currency notes could not be termed as goods and the sale and supply of currency was out of the definition of goods.