Income tax latest actions
After a fortnight of Prime Minister Narendra Modi's aggressive demonetisation move, and a hair-raising Rs 21,000 crore of deposits slipping into poor man's Jan Dhan account, the income tax department is getting ready to take strict actions.
It has started sending missive to banks and post offices to submit details of high value cash deposits in banks taking place after the announcement of demonetisation scheme. The department is planning to use data analytics tools to examine the investment and consumption pattern of people depositing Rs 50,000 or more in a single day.
People who will deposit a total of Rs 2.5 lakh between November 10 and December 30 this year will also be under IT scanner. Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised, a senior official in income tax department said.
It has started sending missive to banks and post offices to submit details of high value cash deposits in banks taking place after the announcement of demonetisation scheme. The department is planning to use data analytics tools to examine the investment and consumption pattern of people depositing Rs 50,000 or more in a single day.
People who will deposit a total of Rs 2.5 lakh between November 10 and December 30 this year will also be under IT scanner. Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised, a senior official in income tax department said.
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