Govt may set up new agency to probe anomalies in IT returns filed after demonetisation | india-news | Hindustan Times
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Govt may set up new agency to probe anomalies in IT returns filed after demonetisation

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.

india Updated: Feb 22, 2017 18:44 IST
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 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.(AFP file )

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 here.

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

On black money issue, he said be it Mayawati or Congress President Sonia Gandhi’s son-in-law Robert Vadra, no one will be spared if found guilty.

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.