Children's accounts will come under I-T scanner

Income tax authorities will now scrutinize Bank accounts in the name of children and a suddens surge of balance in them in the weeks after demonetization. 

Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails to assessees whose deposits do not match their tax paying profile. 

Officials told that "Not only the savings and current accounts but also the accounts in the name of children which appear to have been misused during the seven-week window will come under scrutiny."

The department has already sought explanation through text messages and e-mails to eight lakh people whose post-note bank deposits do not match with their tax-paying behavior. It is now verifying over Rs 4.5 lakh crore of suspicious deposits made by those 18 lakh people and will send letters to those who have not responded to its messages and e-mails.

Parliament earlier this month had passed a bill which made the holding of more than 10 scrapped notes of Rs 500/1,000 denomination punishable with a minimum fine of Rs 10,000.

Also Read:- 

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