1092 depositors in state under IT Dept scanner

Bhubaneswar: As many as 1092 persons in the state are under the Income Tax (IT) department’s scanner as they have been detected to have deposited hefty amounts to the tune of over Rs 50 lakh each in various banks in Odisha following the demonetization move.

Talking to media persons here on Friday, Income-Tax Chief Commissioner Shyama Prasad Choudhury said,” More than 1000 individuals and entities have deposited Rs 861 crore in various banks in Odisha, which includes one single deposit of Rs 32 crore alone. The depositors include individuals, companies and cooperatives who had not declared the money in tax assessment in previous financial years.”

Choudhury said, those who deposited above Rs 50 lakh have been bracketed under P (priority) 1 category and their deposits, sources of income, IT returns and financial transactions are now being scrutinised. Besides, another 3080 individuals made deposits in Rs 25 lakh-50 lakh and below Rs 25 lakh ranges which have been categorised as P2 and P3 respectively.

“The depositors have been asked to respond and give appropriate information on the source of income and deposits by March 31. If it is found that deposits were made from undeclared income, 87.25per cent of the deposits would be collected as fine,” said Sandeep Lakra, Additional Income-Tax Commissioner.

After demonetisation, the sources of income of 380 persons are under scanner of the IT Department. The concerned department has advised the depositors to contribute their unaccounted wealth in the Pradhan Mantri Garib Kalyan Yojna (PMGKY).

The government has decided that black money can be converted into white after deduction of 49.5 per cent tax if deposits are made under the scheme.