Friday, August 14, 2020
Home News Reports Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

While blind critics like Mr Vinod Dua may be crying hoarse in video after video, that demonetization has failed, black money got converted into white, the Income Tax Department has not let its gaze move away from the target.

Last week we had reported how the IT Department had issued detailed guidelines to tax officers, which are to be considered while ordering scrutiny assessments pertaining to filing of revised/belated returns by assessees, post-demonetization period. Scrutiny assessments refer to the cases which are picked by the IT Department for detailed investigation, and verification with supporting documents.

This action was preceded by Operation Clean Money, involving e-verification of large cash deposits made during 9th Nov to 30th Dec 2016. In only the “first batch”, about 18 lakh persons had been identified in whose case, cash transactions don’t appear to be in line with the tax payer’s profile.

Now, thanks to data mining, the IT Department has zeroed in on a fresh category of depositors. Out of the 18 lakh persons mentioned above, from whom preliminary responses were taken, individuals and companies who have still not filed their I-T returns have been segregated into two categories – those depositing more than Rs 25 lakh in bank accounts and those putting in Rs 10-25 lakh each.

- Advertisement -

Based on this data, The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date. These people have been asked to file their returns within 30 days, thus explaining the source of cash.CBDT Chairman Sushil Chandra also said that the second category of persons, i.e. those who have not filed returns and have deposited Rs 10-25 lakh each, would get notices in the second phase of this operation.

Besides these persons, the IT Department may also eye the  companies whose names had been struck off by the Registrar of Companies, based on the data received from banks. Data from banks, regarding these suspected shell companies, showed shocking irregularities.

While some in the media and other analysts may have already signaled demonetization to be a dud, based on the actions of the IT Department, it seems the depositors will be held accountable for every rupee. The game seems to have just begun.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Former SP leader Shahzeb Rizvi announces bounty of Rs 51 lakh on Karnataka Congress MLA’s nephew Naveen’s head for ‘blasphemous’ Facebook post

Shahzeb Rizvi said that whoever beheads Naveen for insulting the Prophet and brings his head will be given a bounty of Rs 51 lakh

Chinese media publishes propaganda of Pakistan’s Ambassador to China but refuses to carry India’s rebuttal: Here are the full details

A day after first anniversary of abrogation of Article 370, Chinese state media runs Pakistani propaganda

Congress link emerges in Bengaluru riots, husband of party’s corporator named as an accused in FIR

Kaleem Pasha - one of the masterminds of Bengalururiots, is the husband of Congress corporator from Nagavara Irshad Begum

‘Temples are spreading COVID-19’: 5 reasons why that is untrue and mere propaganda, driven by Leftists and Islamists

Left-liberals and Islamists have started to trend "#TirupatiVirus" on Twitter, claiming that 75% of India's COVID-19 cases are linked to temples.

Dravidian sabotage in education: Behind the veils of the Dravidian Delusion

Tamils in Tamil Nadu have had the benefits of national integration, wider exposure to language among others, denied to them by the Dravidian agitation.

PM Narendra Modi launches Transparent Taxation platform, Taxpayer’s Charter to honour the honest taxpayers

PM Modi launches new transparent taxation platform including Faceless assessments, Faceless appeals, and Taxpayer's charter

Recently Popular

Bengaluru: Amidst chants of ‘Allah Hu Akbar’ and ‘Nara e Taqbeer’, Muslim mob burns down police station, Dalit Congress MLA’s residence over Facebook post...

Angered over Dalit Congress MLA's nephew's alleged Facebook post on Prophet Mohammad, rioting Muslim mob went on a rampage in Bengaluru

Alia Bhatt starrer Mahesh Bhatt’s Sadak 2 trailer gets over 1.3 million ‘dislikes’ on YouTube within hours of premiere

Within hours of its premiere on YouTube, the Sadak 2 trailer got over 1.3 million dislikes, making it one of the most disliked tailer on the video streaming site.

Pakistan: Maulvi rapes child reading Quran in mosque in Sindh province, caught on CCTV

Muslim Cleric in Sindh province in Pakistan on the run after video of hem raping a child inside a mosque emerges, case registered

Bengaluru Riots: SDPI’s Muzammil Pasha arrested for organising, instigating violence, two other SDPI members absconding

The SDPI local leader Muzammil Pasha had visited the police station along with the mob to register a complaint against a person named Naveen over the alleged derogatory Facebook post.

Linkedin employee Sourav Paul vows to murder Brahmins, claims it is easier to kill instead of opposing them

LinkedIn Employee Sourav Paul was unapologetic about his vitriol and abused a person when his hatred towards Rama was pointed out.

Maharashtra CM’s son involved in Sushant Singh Rajput death case, says Bihar govt’s lawyer: Here are the full details

SC heard Rhea Chakraborty’s plea for the second time in connection with Sushant Singh Rajput death case today

Former SP leader Shahzeb Rizvi announces bounty of Rs 51 lakh on Karnataka Congress MLA’s nephew Naveen’s head for ‘blasphemous’ Facebook post

Shahzeb Rizvi said that whoever beheads Naveen for insulting the Prophet and brings his head will be given a bounty of Rs 51 lakh

Aircraft Accident Investigation Bureau appoints investigation team to find out causes of the Air India Express flight crash at Kozhikode airport

Capt. S S Chahar, former designated examiner of Boeing 737 NG, has been appointed as Investigator-In-Charge for Kozhikode crash probe

Bengaluru riots: Muslim mob wanted to kill Naveen for his ‘blasphemous’ post, torched down police station as cops prevented it

The Bengaluru riots were triggered by a Facebook post by Congress MLA Akhanda Srinivas Murthy's nephew Naveen

BMC removes illegal loudspeaker at Mankhurd for which Karishma Bhosale was heckled by Muslims, was sent notice by Mumbai police

Mumbai police had sent notice to Karishma Bhosale calling her request to lower volume of Mosque's loudspeaker "inappropriate"

From cheap goods to telecom: How China’s industrial hegemony and guerilla marketing tactics can hurt India

Be it the battlefield or business environment, Chinese have always tried to strain India's economy in all possible aspects.

Mumbai Police records statement of journalist Faye D’Souza’s husband in the ‘fake views’ scam involving singer Badshah

Rapper Badshah had confessed that he had paid Qyukl, where Sagar Gokhale is director and COO, for fake views of his YouTube video

ED questions Rhea Chakraborty over alleged mismatch in income and expenses, asks to submit financial records: Read details

Rhea and her brother are directors in at least two firms, Front India For World Foundation and Vividrage Rhealityx Private Limited, set up by Rajput.

Fact-check: Did water enter Delhi Transport Corporation bus when incessant rains flooded the national capital

The video which social media users claimed to be of Delhi is from Jaipur which was uploaded on YouTube on August 11, 2020

Chinese media publishes propaganda of Pakistan’s Ambassador to China but refuses to carry India’s rebuttal: Here are the full details

A day after first anniversary of abrogation of Article 370, Chinese state media runs Pakistani propaganda

Tricolour is slowly replacing the black flag in Chhattisgarh’s worst Naxal-hit regions as villagers embrace peace and development: Report

Many schools in the Bastar district, which is considered a core area of Naxal activity, have started initiating flag hoisting ceremony on occasions like Independence Day and Republic day or any other national festival, in which the villagers participate extensively, says the report.

Connect with us

239,751FansLike
429,178FollowersFollow
299,000SubscribersSubscribe