New Delhi: The income-tax department on Friday said that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities.
I-T said in an amended notification it has made it clear that reporting requirement under Statement of Financial Transactions (SFT) is on receipt of cash payment exceeding Rs 2 lakh for sale of goods or services per transaction.
Earlier, doubts were raised if such transactions are required to be aggregated for reporting. Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions came into force with effect from April 1, 2016.
This even as income tax has increased its raids and surveys across the country to catch those trying to launder black money after demonetisation. I-T department has detected over Rs 3,651 crore of undisclosed income while more than Rs 98 crore in new notes has been seized as part of its country-wide operations against black money hoarders post demonetisation.
According to sources, I-T department is conducting raids at multiple places in Chandni Chowk and Karol Bagh area of Delhi against gold jewellers since Thursday who allegedly was converting old currency notes into gold in multiple accounts.
Some reports suggested that the amount involved could be as high as Rs 250 crore. I-T department has also detected undisclosed income of Rs 47.74 crore after surveys were conducted at half-a-dozen bullion traders and jewellers in Bengaluru city following a surge in their sales post demonetisation.
Since demonetisation, I-T department has carried out a total of 785 searches, survey and enquiry operations under the provisions of the Income-Tax Act, across India. It has seized cash and jewellery worth over Rs 522 crore, with cash being Rs 433 crore. “The total undisclosed income admitted or detected as part of this action, until December 22, is more than Rs 3,651 crore,” said sources.
The agency has also referred over 230 cases to the Enforcement Directorate and 190 cases to the CBI in order to enable them to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.
