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Demonetisation aftermath | Bank deposits even up to Rs 2.5 lakh may be subjected to investigation

Bank Deposits, Even Up To Rs 2.5 Lakh Post Demonetisation, May Be Investigated By The Income Tax Department Though The Amount May Not Attract Any Tax, An Official Said On Tuesday.

PTI | Updated on: 21 Dec 2016, 07:27:20 AM
Bank deposits even up to Rs 2.5 lakh may be subjected to investigation (PTI Photo)


Bank deposits, even up to Rs 2.5 lakh post demonetisation, may be investigated by the Income Tax department though the amount may not attract any tax, an official said on Tuesday.

“The amount of Rs 2.5 lakh is not sacrosanct that it will not attract investigation even though it may not attract any tax,” Income Tax DG (Investigation), Kolkata, AA Shanker said at a workshop on Pradhan Mantri Garib Kalyan Yojana on Tuesday.

Post demonitisation there had been reports of sudden spurt in deposits in zero balance Jandhan accounts.

The investigation may be required to unearth black money diverted to bank accounts of other people, he said, adding government is collecting data in such deposits to analyse the same and might be used for the probe.

Chief Commissioner I-T Kolkata-I, KL Maheswari said the disclosure scheme should be used by people as government would take stringent measure after the scheme ends in March as it already has a lot of data to apprehend black money.

AITPF vice-president Narayan Jain said people should take advantage of the scheme as government is determined to eliminate black money from the system. 

Also read:

Fake Rs 2,000 notes: 4 arrested for using photocopy of new currency in Bangalore

Bank unions call for agitation over note ban-related issues

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First Published : 20 Dec 2016, 10:29:00 PM