Income Tax department to go after high-value depositors

The income tax (I-T) division stated on Friday that it might ship ‘non-statutory’ letters to people who have now not responded to its SMSes and e-mail queries looking for clarification on suspicious deposits made after demonetisation kicked off.

to this point, it has received replies from 7 lakh individuals who have generic making such deposits and the division will difficulty letters to the remaining nudging them to explain the supply of deposits on the e-submitting portal below Operation easy cash.

The division said it was ‘verifying’ over Rs 4.5 lakh crore of suspicious deposits made via 18 lakh folks. giant information diagnosis with the aid of the tax department has printed that deposits of over Rs 2 lakh totalling Rs 10 lakh crore had been made in one crore bank debts within the 50-day window after the demonetisation choice that cancelled 86 per cent of currency in circulation.

of these, the tax department had picked up 18 lakh deposits of Rs 5 lakh every for examination as they regarded suspicious. it is only after processing response to the non-statutory letters being sent, can the income-tax division look at taking any penal action as not responding to SMSes or electronic mail conversation does no longer revel in a felony backing for initiating motion.

Of the Rs 10 lakh crore deposits made in a single crore financial institution accounts, Rs 4.5 lakh crore value of deposits weren't matching with the previous profits returns filed via the depositors. The division has alerted the field places of work in regards to the knowledge of people who have not replied as well as over 5 lakh who aren't registered with the e-submitting portal and these have been requested to ship the letters.

The I-T division wants to avoid harassment to taxpayers and therefore, has requested the sphere places of work to ship non-statutory letters to the individuals who have not filed reply. “best in sure circumstances where now we have full proof of an assessee trying to evade the tax internet, we will discuss with behavior surveys,” stated an professional.

VISIT - Wealth Research