I-T Dept serves 20 notices to check benami transactions
The I-T Department has set up 24 Benami Prohibition Units (BPUs) across the nation. The move is part of a nationwide campaign against benami transactions.
Pune: In order to curb benami transactions, the Income Tax (I-T) Department, Pune has started sending notices to those who have not declared their income. As of now, the department has served 20 notices in Pune, including to some former corporators.
The I-T Department has set up 24 Benami Prohibition Units (BPUs) across the nation. The move is part of a nationwide campaign against benami transactions. Two of these BPUs are in Pune region.
According to a highly-placed source, the notices have been issued since the first week of June and around 20 people have been served notices in Pune region, which includes all of Maharashtra excluding Mumbai and Nagpur regions.
“The department has discovered that many people are involved in benami property dealing. All those whose tax returns do not match their asset values will be served notices,” said the source.
Recently, the Delhi headquarters declared that benami property worth
Rs 600 crore has been attached by it. Benami property includes movable or immovable, tangible or intangible, which is in the new Benami Transactions (Prohibition) Amendment Act, 2016. The law provides for maximum punishment of seven years in jail and a fine. The fine may extend to 25 per cent of the fair market value of a property.