Bhubaneswar, Mar 11: Post the demonetization policy, around 1092 persons in Odisha are said to be under the Income Tax (IT) department’s net as they have deposited a huge amounts more than Rs 50 lakh in number of Odisha banks. Income-Tax Chief Commissioner Shyama Prasad Choudhury stated to the media that around 1000 individuals and companies and cooperatives have deposited Rs 861 crore in various banks in Odisha. Also there is a single deposit of Rs 32 crore in an Odisha bank. These depositors had not declared the money in tax assessment in previous financial years. Choudhury further stated that those who have made a deposit of more than Rs 50 lakh are being listed under P (priority) 1 category and their deposits, sources of income, IT returns and financial transactions are now being scrutinised. The rest 3080 individuals who have made deposits in between Rs 25 lakh-50 lakh and below Rs 25 lakh have been categorised as P2 and P3 respectively. By Mar 31, all the depositors have been asked to reply and provide all information on their deposits and sources of income. If it is found that deposits were made from undeclared income, 87.25 per cent of the deposits would be collected as fine. This was said by Sandeep Lakra, the Additional Income-Tax Commissioner. Noatbly, post the demonetization move, 380 persons’ sources of income are under the parameters of investigation of the IT department. The concerned department has advised the depositors to contribute their unaccounted wealth in the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Further as per the government, if 49.5 per cent is deducted as tax from the illegal deposits then all the black money can turn white.
