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Govt plans new agency to probe anomalies in IT returns filed post note ban

LiveMint logoLiveMint 22-02-2017 PTI

Ballia, Uttar Pradesh: 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, Rs15 lakh crore have been deposited in banks. “As many as 18 lakh people have filed income tax returns showing their income as Rs12 lakh but have deposited Rs1.25 crore in banks ... there is a move to set up a new agency for probing it,” Singh told newspersons. 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.

ALSO READ:Tax dept to go easy on up to Rs5 lakh deposits by 70-plus people

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 Rs5 lakh and suspicious deposits between Rs3 lakh and Rs5 lakh.

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