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Demonetisation: 80,000 being chased by I-T for large cash deposits

The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday.

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The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. He also said that the government would exceed the direct tax collection target of Rs 11.5 lakh crore for the current fiscal.

During the demonetisation (November 8-December 30, 2016), more than 23 lakh people were identified to have deposited suspiciously large sum of cash in bank account. Subsequently, they were sent messages to explain the source of cash. Chandra said that a large number of such persons filed returns following I-T department’s queries.

However, nearly 3 lakh individuals failed to file returns even after initial communication. The I-T department then issued statutory notices to them, which resulted in 2.15 lakh persons filing returns.
“For the 80,000 cases, returns have not been filed; the department is chasing them and the assessment would have to be framed,” Chandra said.

In August, replying to a question on status of I-T department action on persons identified during demonetisation, the government had said that 2.1 lakh non-filers were identified among PAN holders and that these people subsequently paid self-assessment tax of `6,410 crore. Additionally, Chandra said that the direct tax base currently stood at 7.42 crore taxpayers, which include those who filed IT returns and those who paid taxes through deduction at source but didn’t file returns. So far, 6.02 crore IT return have been filed, which is 54% more than during the same period last year.

“We have also identified 80 lakh persons who had filed returns in the last three years but have not filed returns so far. We are communicating with those persons that you had filed IT returns in earlier years which was more than the threshold limit so you should again file,” Chandra said. He was speaking after inaugurating the CBDT pavillion at the India International Trade Fair.

The government would cross budget target of Rs 11.5 lakh crore as the second quarter saw very good advance tax collection due to improved corporate performance, the CBDT chief said. “This year, we have fast-tracked refunds to taxpayers filing returns. Refunds have been disbursed to 2.15 crore assessees amounting to `1.15 lakh crore, and with this most of refunds have been disbursed,” he said.

Source://www.financialexpress.com/economy/demonetisation-80000-being-chased-by-i-t-for-large-cash-deposits/1382166/?utm_source=izooto&utm_medium=push_notification&utm_campaign=browser_push&utm_content=&utm_term

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