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of <h1>Banks to Deny Credit Over Rs. 1 Lakh to Tax Evaders; Reports Required Quarterly by Income-Tax Commissioners.</h1> The Direct Taxes Enquiry Committee recommended that banks should deny credit facilities to tax evaders to curb tax evasion. Specifically, banks should not provide credit above Rs. 25,000 without an affidavit confirming no penalties for income/wealth concealment in the past three years. The government accepted this in principle, mandating that serious penalty cases and tax fraud convictions be reported to the Department of Banking. Consequently, banks will deny credit over Rs. 1 lakh to such individuals for three years. Reports on these cases must be submitted quarterly by the Commissioners of Income-tax to the Director of Inspection.
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