Kozhikode: Black money is stashed up not only in Swiss banks, but also in the cooperative banks in Kerala. In a shocking revelation, the Income Tax department has said that the cooperative banks held black money to the tune of Rs 30,000 crore in their accounts.
The IT authorities alleged that the cooperative banks had refused to divulge the details of these account-holders to the department. Under Kozhikode circle, the department has seized about Rs 150 crore black money this year.
Mr P.N. Devadasan, Kozhikode Income Tax commissioner, told mediapersons here that the department would seize the amounts in such accounts, if the depositor did not declare the source and pay the income tax for the amounts.
A case against such depositors would also be registered with the Economic Offences Wing Court and punishment would be ensured, he added.
“In Malabar, the department so far has sent out 11,000 notices this year after collecting the details of account holders who had not revealed their source of income and refused to pay the tax.
We have collected Rs 29.62 crore towards tax and about 4,000 depositors who have not responded to the notices are under watch by the department,” Mr Devadasan said.
He said those who pass on information about largescale tax evasion would be rewarded and their identity would be kept a secret.
“Those who submit the details of tax evasion in a prescribed form will get five percent of the tax as reward,” he added.
He said house owners, who have constructed houses with a built-up area above 3000 sq.ft, have been issued notices to declare their source of income.
“Most of these houses are constructed using black money. The department will attach the properties of those who have not declared their source of income and paid the tax for the unaccounted money,” he added.
