Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 02 December, 2016.

PRESS RELEASE

Sub : Income Tax Investigations Unearth Mis-use of Jan-Dhan Accounts

Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies. Undisclosed moneys of approximately ₹ 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. ₹ 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.

The Central Board of Direct Taxes, once again urges the account holders not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.

(Meenakshi J. Goswami)

Commissioner of Income Tax

(Media and Technical Policy)

Official Spokesperson, CBDT.

Misuse of Jan-Dhan accounts: undeclared deposits detected and will be brought to tax under the Income Tax Act. Investigations uncovered misuse of Jan-Dhan accounts via unexplained cash deposits by non-filers; undisclosed monies detected will be brought to tax under the Income Tax Act, 1961, and may attract further actions including seizure. Account holders are warned against consenting to misuse to avoid liability for facilitating tax evasion.