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Business News/ Politics / Policy/  Jan Dhan accounts: Rs1.64 crore undisclosed funds found, says tax dept
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Jan Dhan accounts: Rs1.64 crore undisclosed funds found, says tax dept

Deposits in Jan Dhan accounts have surged by more than Rs20,000 crore in the last three weeks post demonetisation

In a statement, the I-T department said that an investigation into the sudden surge in cash deposits in Jan Dhan accounts has revealed “inconsistencies”Premium
In a statement, the I-T department said that an investigation into the sudden surge in cash deposits in Jan Dhan accounts has revealed “inconsistencies”

New Delhi: Investigations by the income tax (I-T) department have indicated that Jan Dhan accounts opened for the poor and unbanked are being misused by tax evaders.

In a statement, the tax department said that an investigation into the sudden surge in cash deposits in such accounts has revealed “inconsistencies".

“Undisclosed money of approximately Rs1.64 crore deposited by persons who have never filed returns of income being below the taxable limits into their Jan Dhan accounts have already been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi. Rs40 Lakh has been seized from one such account in Bihar," the tax department said.

“ 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 added.

Deposits in Jan Dhan accounts have surged by more than Rs20,000 crore in the last three weeks after the government demonetised Rs500 and Rs1,000 bank notes, leading to concerns that poor people are being used by tax evaders to legalize their black money.

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Published: 02 Dec 2016, 10:13 PM IST
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