4 lakh crore under scrutiny
The tax department is scrutinizing nearly Rs.4 lakh crore of cash deposited into bank accounts since demonetization was announced. Notices will be sent out to all those who've deposited large sums of money but are unable to explain source of deposits. So far, reportedly, income-tax department has already sent out over 5000 notices to those who have deposited huge cash deposits.
Weekly analysis undertaken
A senior tax official said, "We have been analyzing data on a weekly basis and we are going to act against those who have unaccounted money. Obviously, we want everyone to come forward and themselves pay taxes."
Deposits post demonetization
Data available until December 17, indicates that Rs.80 lakh deposits were made in cash amounting to a total of Rs.4 lakh crore. These large deposits made in Rs.1.14 lakh bank accounts are suspected to from those who are evading taxes. Dormant accounts received innumerable deposits of over Rs.2 lakh amounting to a massive Rs.15,000 crore and Rs.10,000 crore via deposits smaller than Rs.2 lakh.
Pradhan Mantri Garib Kalyan Deposit Scheme 2016
Under this scheme, people with undisclosed cash are encouraged to come clean by paying a 50% tax levy. However, those who choose to not opt for it, will be required to pay 90% tax.
What caught the taxman's attention?
Jan Dhan accounts which were essentially dormant for a year or two now have seen deposits amounting to Rs.30,000 - 40,000 and have caught the taxman's attention. Separately, between 10-30 November, data reveals that nearly 1.77 lakh borrowers repaid loans amounting to over Rs.25 lakh in cash cumulatively amounting to Rs.50,000 crore Officials are likely to go after such transactions which seem suspect.
Misuse not rampant
Maximum deposits in Jan Dhan accounts were observed in WB, Karnataka and Delhi. However, post analysis, alleged misuse of Jan Dhan's no-frills accounts was not found to be widespread: only 34 instances of deposits over Rs.10 lakh were found.