News Nation Logo


Move to set up new agency for probing anomalies in I-T returns filed after demonetisation, says Radha Mohan Singh

There Is A Move To Set Up A New Agency For Probing Anomalies In Income Tax Returns Filed By 18 Lakh People After Demonetisation, Union Minister Radha Mohan Singh Said On Wednesday.

PTI | Updated on: 22 Feb 2017, 07:04:20 PM
Income Tax Department (Image: PTI)

Ballia (UP):

There is a move to set up a new agency for probing anomalies in income tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday.

He said post demonetisation, Rs 15 lakh crore have been deposited in banks.

“As many as 18 lakh people have filed Income Tax returns showing their income as Rs 12 lakh but have deposited Rs 1.25 crore in banks ... there is a move to set up a new agency for probing it,” Singh told newspersons in Ballia.

The Agriculture Minister warned that all those possessing black money will be taken to task.

The Income Tax department has identified 1.8 million people whose cash deposits after demonetisation do not match their taxpayer profiles and asked them to answer queries about the source of income for these cash deposits.

The exercise is part of the tax department’s efforts to reconcile demonetisation-related data at its disposal and look for instances of tax evasion.

In the initial phase, the tax department is scrutinising cash deposits above Rs 5 lakh and suspicious deposits between Rs 3 lakh and Rs 5 lakh.

For all the Latest Business News, Economy News, Download News Nation Android and iOS Mobile Apps.

First Published : 22 Feb 2017, 07:00:00 PM