Income Tax

Misuse of Jan-Dhan Accounts for depositing undisclosed cash money by persons who have never filed returns of income-CBDT warning

Misuse of Jan-Dhan Accounts post demonetisation. Among rumors of freezing of JDY accounts, CBDT wanrns such account holders not to consent to deposit of undisclosed money in their accounts

Ministry of Finance

04-December, 2016

Tax Investigations unearth mis-use of Jan-Dhan Accounts; Account holders once again urged by CBDT not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies. Undisclosed moneys of approximately Rs.1.64 Crore deposited by persons who have never filed returns of income being below the taxable limits, into their Jandhan accounts have already been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi. 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.

The Central Board of Direct Taxes (CBDT), once again urges the account holders not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

************
 
Share

Recent Posts

  • Income Tax

No immunity from prosecution u/s 276B merely because TDS was deposited belatedly

Assessee cannot be granted immunity from prosecution u/s 276B for late deposit of TDS merely because ultimately TDS was deposited…

8 hours ago
  • Income Tax

Section 44C applies to exclusive expenditure by head office by non resident assessee – SC

Section 44C applies to exclusive expenditure on head office for the Indian branches incurred by non resident assessee’s. In a…

10 hours ago
  • Insurance

MV Act Compensation to parents of child died is at different footing than disabled child

Compensation under motor vehicle Act to parents of child died attract a less multiplier than from that of a claim…

11 hours ago
  • GST

Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017

Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017 Department of Trade and Taxes(Policy and Research…

16 hours ago
  • ICAI

Audit Fee to be received only by digital modes/banking channels -ICAI revises Ethics

Acceptance of Audit Fee only through digital modes or banking channels from 01.04.2026 – ICAI revises Code of Ethics  In…

24 hours ago
  • Service Tax

Demand set aside as assessee for period covered had discharged tax liability under SVLDRS

High Court sets aside demand notices in respect of a period, for which the assessee had discharged tax liability under…

1 day ago