Srinagar, Nov 26 (KNS): Income Tax Department in Kashmir has shot notices to local jewelers and demanded all details to sales made from November 8, this year.
Top sources in the tax department informed KNS that jewelers have been asked to provide all details about the sales made from November 8, this year long with the details of customers.
The department has also asked the jewelers to provide CCT footage to the department so that they can check how many transactions were made by the single customer.
“Yes, we have been asked to provide all details. But it is difficult to provide all these details. We have having only few working hours in evening as during day the market remains shut on the call on separatist leaders,” said Hanief Ahmad, a jeweler.
He told KNS that authorities wanted to see if any person has invested his black money in purchasing gold after the scrapping of Rs 500 and Rs 1000 notes.Click Here To Follow Our WhatsApp Channel
“We are keeping a close watch on illegal use of old currency, after 500 and 1,000 rupee notes were demonetized,” said a top official of Income Tax Department.
Sources in the tax department said that notices have also been sent to religious organizations and charities to declare unusual surge in cash deposits since the demonetization drill.
Charities and religious organizations, registered as trusts, are exempt from paying income tax.
“The apprehension is that people with black money, unable to exchange them at banks for new currency would have dumped them at charities or places of worship,” said an official.
On November 8, Prime Minister Narendra Modi had demonetized 500 and 1,000 rupee notes. Following the move, the government has issued several guidelines on bank withdrawals and deposits to maintain currency stability and stub out black money. (KNS)