Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money

Press Information Bureau 
Government of India
Ministry of Finance
18-November-2016 16:23 IST

Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes; 
Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money Converters and be a Partner in this Crime of Converting Black Money into White through this method and help join the Government in eradicating it. 

It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for income tax is Rs. 2.5 lakh. There are some reports received that some people are using other persons’ bank accounts to convert their black money into new denomination notes for which reward is also being given to the account holders who agree to allow their accounts to be used. This activity is reported in case of Jandhan Accountsalso.

It is hereby clarified that such tax evasion activities can be made subject to income tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act.

However, the genuine persons having their own household savings in cash and depositing the same in the bank would not be questioned.

The people are requested NOT to come in the lure of black money converters and be a partner in this crime of converting black money into white through this method. Unless all citizens of the country help the Government in curbing black money, this mission of black money will not succeed. Also the people who are against the black money should give information of such illegal activities going on to the Income Tax department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized.

Black money is a crime against humanity. We urge every conscientious citizen to help join the Government in eradicating it.

*****

DSM/KA

Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016

@RBI
*Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016* (So Banks working for next 4 days)
http://rbi.org.in/Scripts/NotificationUser.aspx?ID=10686 …

ICAI members PAN update Only required for Practicing Members

This refers to the earlier announcements of ICAI regarding the updation of PAN details by the members in the Institute’s records to avoid blocking of e-filing account by the Income Tax Department. Inspite of the earlier said announcements and reminder emails sent from time to time, it has been observed that many members have still not updated their PAN details in the Institute’s record.

It is pertinent to mention that in the recent past the Income Tax authorities have blocked the e- filing accounts of the members who either have not submitted their PAN details to the Institute or of those, in whose cases discrepancies have been found between records as available with the Institute and the database of the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’. These blocked accounts have been reactivated after a lot of efforts by the Office as during this period members had to face lot of hardships.

To avoid such a situation in future, we urgently appeal to all practicing members who have not yet submitted their PAN details to submit the same to their respective Regional Offices at the earliest .Those members in whose cases mismatches (in Name, Date of Birth or PAN) have been found between ICAI records and those as per Income Tax Department are also advised to settle the discrepancies at the earliest. Individual communications for all such cases have already been sent through e-mail to all the members as per Institute’s records.

The members who have not yet provided their PAN details for ICAI records or members in whose records the discrepancy exists in the ICAI and Income Tax Authorities records, can also submit the same through the following link: http://appforms.icai.org/panupdate/index.html

Members who have already furnished details need not do again.

(V. Sagar)
Secretary, ICAI

For more details please visit

http://www.icai.org/new_post.html?post_id=13013&c_id=219

ASB ICAI issues FAQ on Dividend Distribution Tax

ASB ICAI issues FAQ on Dividend Distribution Tax. Link
http://resource.cdn.icai.org/43791asb33473a.pdf

GUIDANCE NOTE UNDER SECTION 92E

ICAI has issued GUIDANCE NOTE UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (Transfer Pricing) on 2-Nov-16.

Pls click below link to access or download the document:

http://resource.cdn.icai.org/43783citax33453.pdf