The income tax department has detected ‘benami’ deposits of ₹50 lakh and above in small saving schemes such as the Kisan Vikas Patra and National Savings Certificate (NSC) in the name of minor children or household help. The department has been sending notices in instances where the deposits are of ₹1 crore or more, officials told ET. The Centre has asked post offices to re-initiate the know-your-customer (KYC) process for all existing accounts with deposits of ₹10 lakh and more. Currently, NRIs and Hindu Undivided Families (HUFs) are not allowed to invest in small savings schemes. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.

Source: Economic Times June 04, 2023 07:41 UTC