Tuesday, 10 January 2017

Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

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As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded. 

"We now have trunk loads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore.

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