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Deposits above Rs 2.5 lakh in 50 Days to face tax, with 200% penalty on income mismatch

The Government of India today alarmed that money stores above Rs 2.5 lakh edge under the 50-day window could draw in assessment in addition to a 200% penalty if salary mismatch.

“We would get reports of all money kept amid the time of November 10 to December 30, 2016, over an edge of Rs 2.5 lakh in each record. The (duty) division would do coordinating of this with salary returns recorded by the contributors. What’s more, reasonable activity may take after,” Revenue Secretary Hashmukh Adhia said today evening time. Any crisscross with wage announced by the record holder will be dealt with as an instance of duty avoidance.

“This would be dealt with as an instance of expense avoidance and the assessment sum in addition to a punishment of 200 for each penny of the duty payable would be required according to the Section 270(A) of the Income Tax Act,” he said.

The legislature has permitted residents to store in their financial balances old money of Rs 500 and Rs 1,000 categories, which had been proclaimed invalid in the country’s greatest crackdown on blackmoney, defilement and fake notes, between November 10 and December 30. “We are issuing guidelines to the field powers to check with every one of the gem dealers to guarantee this prerequisite is not traded off.

“Move will be made against those goldsmiths who neglect to take PAN numbers from such purchasers. At the point when the money stores of the diamond setters would be investigated against the deals made, whether they have taken the PAN number of the purchaser or not will likewise be checked,” he included.

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