1092 in Odisha deposited over Rs 50 lakh each post demonetization

Odisha Sun Times Bureau
Bhubaneswar, Mar 10:

As many as 1092 individuals in Odisha are under the Income Tax department scanner as they have been detected to have deposited hefty amounts to the tune of over Rs 50 lakh each in their savings accounts.

“Thousands of people from Odisha who have deposited over Rs 50 lakh in bank accounts after demonetization move. As many as 1092 people have deposited at least Rs 50 lakh and a maximum of Rs 32 crore in the bank accounts. They have been asked to respond by March 31 failing which strict action would be initiated against them,” said Sandeep Lakra, Additional Commissioner of Income Tax here today.

Similarly, it has come to the notice of the Department that bank deposits of 3080 people in Odisha have marked a significant rise as compared to their accounted income.

The top official urged people to come forward and disclose their unaccounted wealth and contribute to Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Notably, Prime Minister Narendra Modi, in December last year, had launched the amnesty scheme on the lines of the Income declaration scheme, 2016 (IDS) which provides an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income is invested in the scheme which can be refunded after four years.

Not declaring undisclosed income under the scheme would attract a penalty of 77.25% if the income is shown in tax returns. In case the income is not shown in tax returns, it will attract a further 10% penalty followed by prosecution.

The amount thus declared would be deposited with Reserve Bank of India and 25 % of it would be utilized for the welfare of poor people. The amount would return to the account holder after four years.