CBDT urges people to protect bank accounts from 'unscrupulous elements'

The Central Board of Direct Taxes (CBDT) on Sunday urged account holders not to consent to any kind of misuse of their accounts, which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

The notification came after tax investigations unearthed the misuse of Jan dhan Accounts.

Income Tax Department conducted investigations across India into the sudden surge in cash deposits in Jandhan accounts which revealed substantial inconsistencies.

Undisclosed money of approximately Rs.1.64 crore deposited by persons who have never filed returns of income being below the taxable limits, into their Jan dhan 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.