Latest GK GS

Updated By: LatestGKGS Desk

Income tax Department keeping check on Jan Dhan, farmers accounts

 

 

IT Department to check Jan Dhan Accounts and crop farmers account for cash deposited after 8 Nov from Jan 2017

Income Tax Department to ask questions on the money deposited in Banks to the farmers after demonetisation.

After demonetisation, there was a huge rush in the economy and people started looking for ways to convert black money in white.

Some of them started using Jan Dhan Accounts and deposited money in them.

Farmers to show reciepts of crop sold in market

If the farmers give the reason of depositing huge amount of money in banks due to growth in crops, the Income Tax Department will take strict actions against those found guilty.

The IT department will investigate on the farmers as this sector is not applicable to pay tax to the government and this is utilised by black money hoarders.

 An amendment is also made in Income Tax Act that the farmers have to show receipts of selling the produce in market.


 

Latest Income Tax Updates

» IT Dept inquiry against money deposited in Bank from Jan 2017

» RBI: IT Action against people indulging to convert black to white

» New Income Tax Amendment Bill rise to Garib Kalyan Kosh Yojana