I-T dept detects undisclosed ₹1.64 cr in Jan Dhan accounts

Undisclosed income detected will be brought to tax as per the Income Tax Act, 1961

NEW DELHI: The Income Tax department has found “various inconsistencies” in cash deposits in Jan Dhan accounts and detected about Rs 1.64 crore deposited by persons who have never filed returns as their income shown is below the taxable limit.

“Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies,” a Finance Ministry statement said Sunday.

Undisclosed money worth about Rs 1.64 crore has already been found in Jan Dhan accounts, it said.

The money has been deposited by persons who have never filed returns, with their income being below the taxable limits, it added.

The money has been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi, the statement said, adding that 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, 1961, apart from other actions depending upon the outcome of investigations, it said.

“The Central Board of Direct Taxes (CBDT), once again urges 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,” said the statement.

After Prime Minister Narendra Modi surprised entire nation with demonetisation of 500 and 1,000 rupee notes on November 8, deposits in Jan Dhan accounts have increased to 28,685 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.

The total deposit in 25.85 crore such accounts was Rs 74,321.55 crore at the end of November 30, as per Finance Ministry data. The total was Rs 72,834.72 crore in 25.68 crore accounts at the end of November 23.

Saturday, Prime Minister Narendra Modi said he is working on a formula on how to send the corrupt to jail who deposited their money in Jan Dhan accounts of poor after demonetisation and ensure this money goes to the poor households.

Pradhan Mantri Jan-dhan Yojana is India’s National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. It was launched was launched in August 2014.