The country‘s apex tax authority, Central Board of Direct Taxes, has set up an e-platform to reach out to those who have crossed this threshold and find out the source of the money,
If you deposited more than Rs 10 lakh in your bank account since the government junked popular bank notes on November 8, be prepared for a call from the taxman in the next two weeks.
The country’s apex tax authority, Central Board of Direct Taxes, has set up an e-platform to reach out to those who have crossed this threshold and find out the source of the money, according a report in The Economic Times. The depositors are expected to file their response online.
The report added the income department has discovered there are about 1.5 lakh bank accounts in which Rs 10 lakh or above has been deposited since November 8. There have also been suspicious deposits in one crore accounts belonging to 75 lakh people.
CBDT members briefed senior officers of the income tax department on Wednesday about suspicious cash deposits, mobilisation target from the new declaration scheme, and the manner in which to go about taxing undeclared income that has found its way into banks.
Over the last two months, more than a thousand cases of search and seizure carried out by the tax department have yielded around Rs 600 crore – of which Rs 150 crore is in new notes.
When announcing demonetisation, the government had said individuals would be allowed to deposit notes up to Rs 2.5 lakh with income tax exemptions till December 30, and banks were expected to report deposits above this figure to the authorities. To evade suspicion, black money holders had taken steps such as transferring their money to Jan Dhan account holders.
According to those familiar with the matter, tax officials had since the end of December already questioning instances of large cash deposits and looking into large purchases made in old currency.
Banks are required to provide information to tax authorities about cash deposits by the end of January.
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