Taxman seeks details on Jan Dhan accounts from banks

NAGPUR: As suspicious

cash deposits

swell into Jan Dhan accounts, the Income Tax (I-T) department has sent a questionnaire to banks seeking details from individual accounts. The questions have been framed in such a way that any kind of excess deposits will have to be reported by the bank. There is a special focus on funds parked in the

Jan Dhan accounts

evading the rule to quote permanent account number (PAN).

Any cash deposit in a bank from Rs50,000 onwards requires PAN of the depositor. It is a common practice to put a slightly lower sum to avoid the PAN rule. Often cash deposits of Rs48,000 or Rs49,000 are repeatedly made into the accounts so that a larger amount can be parked without revealing the PAN.

Accounts having incomplete details like address proof or opened with the name slightly changed are also under scanner of the taxman, said a source. Apart from the Jan Dhan accounts, the taxman is also targeting inoperative accounts which have suddenly turned active seeing huge deposits.

The data is expected to be received from the banks in coming days after which the I-T department may swing into action, said a source.

Once the data is collected, the department is expected to issue notices for scrutiny to the concerned account holder. Unlike search or a survey where the tax officials reach the assessed’s premises, in a scrutiny the concerned person is summoned and questioned. A tax demand can be raised on the basis of scrutiny too.

The Jan Dhan account holders who are from the poor class can be summoned for a scrutiny if any large-scale cash deposits are found in their accounts. Though the account holder can later reveal names of the person who had deposited cash in the accounts.

Recently, the I-T department had also held a meeting of forex dealers in the city to apprise them that black money may be parked in foreign exchange. The meeting was part of the department’s attempts to sensitize the dealers against the grey market.

Meanwhile, sources in the business of taxation advisory said it seems not many may be keen to go for the income declaration scheme, mentioned in the finance act amendment which was passed in the Lok Sabha. As 25% of the income has to be parked with the government without any interest, it may discourage many from voluntary declaration of their funds. Instead they may take the risk to conceal in the income and pay 85% tax if caught, said a source.