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Face penalty if allow parking others' black money into your bank account


Face penalty if allow parking others' black money into your bank account

Archana Khatri Das/Zee Media Bureau

New Delhi: Long arms of the law is going to tap you on shoulder if you are using someone else's bank account to park your black money, and not spare even those account holders who allow someone else's unaccounted wealth in their own bank accounts and help converting black money into white. 

The Ministry of Finance warned on Friday that anyone who is trying to evade tax and hide his unaccounted wealth in others' account will not only be caught, they will be made to pay tax, and hefty penalty.

Also, the person who allows his or her bank account to be misused for this purpose can be prosecuted for abetment under Income Tax Act. People are requested not to come in the lure of black money converters and be a partner in this crime of converting black money into white.

The Finance Ministry, in a tweet, added that the genuine persons having their own household savings in cash and depositing the same in the bank would not be questioned.

 

From Zee News

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