IT dept to closely monitor high transactions:official

As part of tightening its vigil on the use of unaccounted money during the campaign for the Lok Sabha polls, the Income Tax department would closely monitor high level transactions across Tamil Nadu and Puducherry, a top official said here today.
" It (the use of unaccounted money) should not vitiate the election atmosphere.. There is no limit for carrying funds. But there should be substantial document supporting the funds. If there is any malpractice, it comes under the Income Tax law", Chief Commissioner of Income Tax S Ravi told reporters here.
Asked about the appointment of special teams by the Election Officials in Tamil Nadu and Puducherry to seize unaccounted cash, he said the team by Income Tax department would coordinate with that team also.

Stating that during two incidents, an amount of Rs 51 lakh and Rs 19 lakh worth of bullion that was carried without proper documents were seized, Income Tax (Investigation) Director General T Jayasankar said "for a free and fair conduct of elections in Tamil Nadu and Puducherry, we will have a close surveillance in places like airports, railway stations, hotels,pawn brokers".
He said the department has set up a control room here that would work round the clock to receive any information on complaints.
Besides a team of 34 sub-nodal officers in all the districts of Tamil Nadu, four Joint Commissioners and one Central Nodal officer has been appointed in this regard.

"This will be effective till April 24.", he said.

"Whatever the amount may be. If it is capable of being explained with proper documents we can allow.", he said to a query.
Commenting about the filing of taxes for the period 2013-14,, Ravi appealed to the public to utilise the last opportunity to pay file the taxes.
"Banks are working on all the three days. I.E., March 29, 30 and 31. The department are also working on those days. It is last chance for those who have not paid their taxes.",he said.