"Jan-dhan" Account In Big Transaction In 200 Penalty Related Important News Report.
The income tax department may slap a hefty 200% penalty on unexplained big cash deposits in banks even before annual income tax returns are filed so as to prevent black money being converted into white during the 50-day window provided for turning in the junked Rs500 and Rs1,000 notes, a finance ministry official said.
It is also collating data on spurt in deposits in zero- balance Jan Dhan accounts and will slap a 200% penalty on unexplained high value cash deposits, he said. After withdrawing old Rs500 and Rs1,000 notes, the government has allowed the banned notes to be deposited in bank accounts or exchanged for new legal tenders till 30 December. This has led to cash balances popping up in millions of Jan Dhan accounts, opened under a government scheme for beneficiaries to get their entitlements like LPG subsidy.