The income tax department has found an undisclosed amount of Rs. 1.64 crore and other inconsistencies in its investigations into Jan Dhan Accounts.
The department has detected suspicious activity in Jan Dhan Accounts in banks in Kolkata, Bihar, Kochi, and Varanasi.
Officials said some other accounts in over half a dozen cities are under the scanner of the taxman.
The central board of direct taxes said,”Rs. 40 lakh has been seized from one such account in Bihar. These accounts have a deposit limit of Rs. 50,000. An investigation that is being conducted by the IT department across India into the sudden surge in cash deposits in Jan Dhan accounts has revealed various inconsistencies. Undisclosed monies 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.”
It also added, “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.”
Earlier, Taxman has warned people against depositing their unaccounted money in someone else’s bank account. Now the department will slap charges under the newly enforced Benami Transaction Act against violators.