I-T department conducts surveys in Delhi, Mumbai, others after demonetisation

The Income Tax department conducted multiple surveys in Delhi, Mumbai and other cities.

By: Express Web Desk | New Delhi | Updated: November 10, 2016 8:51 pm
IDS, income decleration scheme, disclosure, income disclosured, unaccounted income, unaccounted wealth, income tax department, india news, indian express Income Tax Department Building. (Express photo by Vasant Prabhu)

The Income Tax (I-T) department on Thursday conducted multiple surveys in Delhi, Mumbai and other cities in the wake of demonetisation of currency. The department had been keeping a close watch on large deposits in banks. Till reports came in, similar survey operations by I-T authorities are also understood to have been launched in two
south Indian cities. Sources said the department had received “actionable inputs” that some traders, jewellers, currency exchanges and hawala dealers were allegedly exploiting the recent currency demonetisation of Rs 500 and Rs 1,000 notes and were changing currencies at “discounted” prices, thereby profiteering illegally.

As reported by The Indian Express earlier, the income tax department will scrutinise the annual information reporting (AIR) of entities and individuals who make high-value deposits to banks while exchanging old currency notes. Sources said the department will take up cases for scrutiny in the next 50 days starting November 10.

WATCH:

“Once a case is picked for scrutiny the department will call for information from the assesses and the onus will be on the assesses to show the source of the money and if it was disclosed to the income tax department. The disclosures are not exempt from action from agencies such as the service tax, sales tax, income tax,” said a source.

Should an entity or individual fail to account for the money disclosed, they will have to pay 30 per cent tax on the undisclosed income.

Prime Minister, Narendra Modi, in a televised address to the nation on November 8, had declared that high denomination notes of Rs 500 and Rs 1000 will not be legal tender from November 8 midnight. He had said that the Government has declared a “decisive” war against black money and corruption.

The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000, which has been declared invalid in the country’s biggest crackdown on black money, corruption and counterfeit notes, between November 10 and December 30.

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First Published on: November 10, 2016 6:50 pm
  1. S
    Surjit
    Nov 11, 2016 at 7:37 pm
    If modi think he can stop corruption he should think again. If India was not corrupt then white could not rule India over 200years.when you land in airport you have to bribe custom just go through then ask directions than want money just tell the right way.get over charged by taxi if you loose wallet then report in police they want money just to write report .just money money where where can he stop corruption.he just making trouble for himself.
    Reply
    1. S
      Satendra kumar
      Nov 10, 2016 at 10:17 pm
      Demonetisation of currency the government will be looking for big deposits where taxation authorities will engage with tax evasion frauders traffickers laundering all sorts of black money making black economy.Get rid of illegal activities?
      Reply
      1. D
        doc
        Nov 10, 2016 at 1:50 pm
        At times electricity outage , floods and natural events riots due to political and religious bigotry causes similar or more than this hardship for a longer time, we need to understand we not a sovereign citizen but citizens of a sovereign nation and the nation needed cleanup specially from the ever present chai pani, I think our job as educated and understanding citizens should have been to ist and educate the un-aware and may be give small istances if we could to a few around us, not what the bigots in the seat of influence are tweeting and stating pretending to be more erudite than all, lt;br/gt;what say you.lt;br/gt; Are we not over blowing the common man suffering part of it, i don't think many common men in India will be having 500 and 1000 notes only, where most transaction essential for living is done in 100 or less denomination and those were not touched, may be some ones savings legitimate ones were made in effective for a couple of days and still there is 49 days for you to deposit and take back in new currency , if legit money and explainable source why worry , why so much of concern.
        Reply
        1. A
          Ashutosh
          Nov 10, 2016 at 2:42 pm
          उठाईये 2 दिन परेशानी देशहित में,lt;br/gt;क्योंकि आप सीमा पर बंदूक उठाकर नहीं खड़े हैं।
          Reply
          1. D
            Dash
            Nov 10, 2016 at 1:40 pm
            Modi never does anything without immaculate planning. Corrupt politicians citing poor men must find some other excuse to criticze Modi. Jan Dhan accounts,PAN card issue wrt jewellery erc. are linked to this. Jihadi Mamata,Khujliwal,Pappu etc. have lost a lot after this move by the PM. Their frustration says a lot about their motives and integrity.
            Reply
            1. P
              PN badri
              Nov 11, 2016 at 6:25 am
              Corruption, tax evasion, communal ism, casteism, etc are inbuilt with Indian blood and no one can remove including the god not in a position to remove from our society considering our government policies /practices. Generally Indians are corrupt and hence the economic mess created by government and all sections of the community.
              Reply
              1. B
                bharatNara
                Nov 10, 2016 at 2:25 pm
                1. lt;br/gt;be warned, be careful...lt;br/gt;lt;br/gt;for some, this is a cowardly surgical-strike,lt;br/gt;on innocent hindustan-bharat ke parivar-families.lt;br/gt; lt;br/gt;govt wants 200% of your money, using excuse of penalty??lt;br/gt;lt;br/gt;what if one saved, after years of slaving work in india,lt;br/gt;for his mother,lt;br/gt;for his wife,lt;br/gt;for his daughters marriages?lt;br/gt;lt;br/gt;is he criminal, as per govt?lt;br/gt;lt;br/gt;is taking care of your family, now its criminal, as per govt?lt;br/gt;lt;br/gt;shud we leave and break our families, and live like Modi lifestyle??lt;br/gt;lt;br/gt;2.lt;br/gt;note this 1 diff between CONG and NOW:lt;br/gt;lt;br/gt;in CONG govt, they took about 3o%.lt;br/gt;lt;br/gt;but todayz govt, they want upto 2oo %.lt;br/gt;lt;br/gt;who is bigger taker?? u decide...
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                  bharatShakti
                  Nov 10, 2016 at 1:53 pm
                  be careful...lt;br/gt;lt;br/gt;govt wants 200% of your money, using excuse of penalty??lt;br/gt;lt;br/gt;what if one saved, after years of slaving work in india,lt;br/gt;for his mother,lt;br/gt;for his wife,lt;br/gt;for his daughters marriages?lt;br/gt;lt;br/gt;is he criminal, as per govt?lt;br/gt;lt;br/gt;is taking care of your family, now its criminal, as per govt?lt;br/gt;lt;br/gt;shud we leave and break our families, and live like Modi lifestyle??
                  Reply
                  1. B
                    bharatShakti
                    Nov 10, 2016 at 1:52 pm
                    ये जो कल से ५०० और १००० के नोट बंद होने की खबर सुनकर,lt;br/gt;lt;br/gt; महिलाओं के जमा पैसे को कालाधन बताने वालो से कहना है,lt;br/gt;lt;br/gt; कि वो पैसा कालाधन नहीं....lt;br/gt;lt;br/gt;आपकी मेहनत और सूझबूझ से बचाया हुआ धन है....lt;br/gt;lt;br/gt;अपने परिवार की आपातकाल में मदद करने के लिये जमा किया है....lt;br/gt;lt;br/gt;🕉lt;br/gt;किसी माँ ने अपनी संतान के लिये....lt;br/gt;lt;br/gt;किसी पत्नी ने अपने पति के लिये....lt;br/gt;lt;br/gt;तो उनका मजाक ना बनाये....lt;br/gt;lt;br/gt;उनके जमा धन में कुछ और धन मिलाकर बैंक जाईये....lt;br/gt;lt;br/gt;नोट बदलाकर उन्हें वापस दिजिये.....lt;br/gt;lt;br/gt;देश की सरकारें आती जाती रहेंगी.lt;br/gt;lt;br/gt; पर हमारे घरों की सरकारें हमेशा हमारी हमसफर रहेंगी...lt;br/gt;🕉
                    Reply
                    1. S
                      Sundar BN
                      Nov 10, 2016 at 1:50 pm
                      Shouldn't they be first arrested and incarcerated before anything ?
                      Reply
                      1. D
                        Dhiraj
                        Nov 10, 2016 at 3:21 pm
                        Well said
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                        1. T
                          T DUTTA
                          Nov 10, 2016 at 2:59 pm
                          200 RUPEE NOTES SHOULD BE INTRODUCED TO REDUCE PRESSURE ON 100 RUPEE NOTES
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                          1. T
                            T DUTTA
                            Nov 10, 2016 at 4:04 pm
                            BLACK MONEY MAY BE USED TO PURCHASE HIGH VALUE AIRLINES TICKETS IN CASH, INCLUDING INTERNATIONAL AIR TICKETS------AIRLINES OFFICES AND AIRLINE TRAVEL AGENTS MUST BE ASKED TO SUBMIT FORTNIGHTLY RETURNS TO RBI AND INCOME TAX ABOUT HIGH VALUE AIRLINES TICKETS PURCHASED IN CASH MENTIONING THE PAN NUMBER OF THE PURCHASER
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                            1. T
                              T DUTTA
                              Nov 10, 2016 at 4:05 pm
                              DEMONETISATION DONE IN VIGILANCE AWARENESS WEEK
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                              1. G
                                gopal
                                Nov 11, 2016 at 4:16 am
                                people have not understood what demonetization means . It means taking away the value of currency by a mechanism through which the source and places of hidden money is found and the information is given to Income Tax department to complete the job. No banker worth his salt will support fraudsters in this move..time people and IE realize this and be compliant..hehehe
                                Reply
                                1. H
                                  hameed mohamed
                                  Nov 10, 2016 at 11:57 pm
                                  the effect of demonetisation is colkape auto industry Hollywood crashes entertainment industry go dry domestic airline sakes will also crash textile and fashion will see the high dip very big tax revenue will be lost it will construction industry will go down very heavily next year budget deficit will be doubled than last year insurance sector inflow reduced to 50 percent outflow eill be 200 percent and much more chain reaction will take place black money with common man is good for day to day economy the wheel if life goes smooth only get the Swiss bank money back and reduce the income tax to 2.5 percent to all slab and see all these problem will be gone
                                  Reply
                                  1. M
                                    Manu USA
                                    Nov 10, 2016 at 1:37 pm
                                    I heard of jewellers messing up.
                                    Reply
                                    1. M
                                      mathimathi
                                      Nov 10, 2016 at 3:49 pm
                                      CCTV can be hide with khaki pants or khaki knickers.???
                                      Reply
                                      1. M
                                        mathimathi
                                        Nov 10, 2016 at 3:51 pm
                                        Is any one side of the coin go towards the now ruling Jumla Party?
                                        Reply
                                        1. M
                                          mathimathi
                                          Nov 10, 2016 at 3:46 pm
                                          feku gang can do to RS SS 56
                                          Reply
                                          1. M
                                            mathimathi
                                            Nov 10, 2016 at 2:14 pm
                                            How many IT officials are getting how much Rs 2000, today as a bribes. ❔❔❔
                                            Reply
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