Govt reiterates caution to tribals against deposits

Dimapur, November 21 : The State Government on Monday has once again cautioned all tribals in the State of Nagaland not to allow parking of money belonging to non-tribals and other business enterprises in their bank accounts as they shall be doing so at the risk of facing penalties. In a communiqué, the government noted that inspite of the advisory issued by the Finance department on November 16, reports are still being received from various agencies informing of deposits of large amounts into the bank accounts of tribals. The communiqué reiterated that any exemption from payment of income tax does not imply that any amount of money can be deposited into the accounts of tribals. “Such persons are liable to disclose their sources of income, and if the amount deposited are found to be in excess of their known sources of income, they shall be treated as illegal transactions with the attempt to cover up black money. This can further lead to complications on the tax status of the tribals,” the communique further cautioned.