An Income Tax probe has found that 1.54 lakh accounts were opened with J&K Bank between 2021 and 2024 without any PAN details linked to them. And, deposits in such accounts with transactions touching Rs 15 lakh or more in a financial year totalled Rs 4.88 lakh crore, records investigated by The Indian Express show.
So much so that in its final report submitted late last year, the I-T Department said the probe’s findings point to a “systemic failure” and a “significant red flag”, warning that the unlinked accounts, with their substantial transaction volumes, present “a staggering potential avenue for tax evasion”.
Source from: https://indianexpress.com/article/india/jammu-kashmir-bank-accounts-were-not-linked-to-pan-10811241/
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