I-T dept turns gaze on 2 lakh a/cs for over Rs 25 lakh deposits following cash ban

The Income-Tax Department has identified more than two lakh accounts for scrutiny in which more than Rs 25 lakh was deposited between November 9 and December 31 last year following the government’s demonetization move.

In all, the I-T Department has identified 18 lakh such accounts and will be scrutinizing them in a phased manner beginning with the 2 lakh accounts in the first phase, a senior I-T official told Moneycontrol.

I-T officials are trying to srutinise the 2 lakh accounts before March 31, when the deadline for disclosure under the Pradhan Mantri Garib Kalyan Yojana expires.

The department has initiated survey operations for some accounts where they were not satisfied with the reply of the entities concerned.

Following the demonetisation move, many wealthy individuals and businesses deposited large sums in banks, claiming it to be legitimate income from business.

Taxmen are also closely watching advance tax numbers. Today is the last day of depositing advance tax.

“After seeing the advance tax numbers, the department will be able to judge how many more companies come under its scanner,” the official told Moneycontrol.

Income tax department is expecting between fifty thousand to one lakh firms to be added to the scrutiny list.