New of penalty for maintaining accounts in more than one bank is fake – PIB Factcheck
A misconception is being spread in some articles that according to the new guidelines of the Reserve Bank of India, now a penalty will be imposed for maintaining accounts in more than one bank
In social media, a fake news is being spreading that according to the new guidelines of the Reserve Bank of India, now a penalty will be imposed for maintaining accounts in more than one bank. This has resulted into an atmosphere of fear and apprehension in the mind of general public.
PIB Fact check has investigated the fake news of penalty for maintaining accounts in more than one bank and found it completely fake. According to PIB Factcheck, RBI has not issued any guideline and public should be alert to such fake news.
- No bar prohibiting simultaneous penalty u/s 271B and 271A of Income Tax Act
- Cash book cannot be rejected when availability of stock is not disputed
- Section 148 of it Act after 01.04.2021, not require recording reason to believe
- Income Tax Deptt. Lucknow to hire Young Professional for assisting before ITAT
- Burden of proof on assessee to adduce evidence that land sold is agricultural
