IT Department Cracks a Whip on Deposits Above 2.5 Lakh

The Government didn’t stop the surgical strikes on the black money. The people with black money are executing several plans to convert them into white. At present banks are full with deposited money, so many black money holders are also depositing money in different accounts. So IT department is monitoring all bank accounts which is deposited more than 2.5 lakhs.

The government has passed the rule for people who are depositing more than 2.5 lakhs in the bank they have to show the id proof but housewives no need to show income proof. So taking this privilege as advantage many black money people are hiring poor people who have a bank account and depositing their black money into their account, and after depositing, they are transferring amounts into their accounts.

Let’s applaud this Ola driver who did his bit to fight black money

So govt want to stop these illegal activities. People who are doing these illegal activities will be jailed up to 7 years.

An official from IT Department said the person who deposits old currency in the bank account would treat as beneficial owner and the person in whose bank account the old currency has been deposited will be categorized under this law as a benamidar.

So IT department is investigating in all banks and sending notice to people who have deposited more than 2.5 lakhs without income proof. In Sikkim, they already started to send notices to people who have deposited money more than 2.5 lakhs without proof.

Tracking on Black Money: Deposits above Rs 2.5 Lakh to Face Tax, 200% Penalty on Mismatch

Such people have to bring all account books, bills and if they are paying IT tax that bills should submit to the IT office.

The government has firmly decided to remove the black money from our system. Soon we can see corruption free country.

For More News Update: Techfactslive

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