Govt keen to weed out black money says IT director
Pramanik said that through this scheme open till Mar 31, 2017, those who have failed to declare their income in the past, can submit 25% of their undisclosed income here. The money thus parked in the Garib Kalyan deposit scheme 2016 would be returned after 4 years without any interest. There is a special challan for this, challan 287, said Pramanik.
“The government of India has declared a full scale war on black money hoarders and we will not leave this war midway. The Benami Transactions Act is proof of this,” said Pramanik.
“Section Four of the Benami Transactions Prohibitions Act November 2016, states that the definition of ‘Benami Transactions’ is a transaction or arrangement where the property is transferred to or is held by a person and the consideration of this property has been provided or paid by another person and the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration," he said.
“So, if someone thinks that he/she has distributed his undisclosed income in the names of several other people by coercion or persuasion, and he won’t be caught, through our technology we will prove that he is responsible for these benami transactions and he can be prosecuted and even given seven years in prison. "
“Anybody can say that they have cash in hand of ten crores but they have a turnover of one crore. But how much of this is feasible is the question. There is a section in the Income Tax department also that rejects the books of accounts. Thus, there is no guarantee that Income Tax Authorities are bound to follow the books. They have been instructed to assess the books by applying their own mind, and how much of the books are acceptable or not, which can vary from case to case. Section 142 2A of the Income Tax Act says that an IT authority can appoint a special auditor to audit the books of accounts after rejecting the audited accounts. What I am essentially trying to say is that a person has the right to write whatever he wants in his books and an IT officer has the right to be a prudent judge of that account," he elaborated.
(Reporting by Tanushree Sen)
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