Published On: Sat, Jul 15th, 2017

Indian Demonetization Questionmarks Many Taxpayers Who Deposited Large Cash

During the time of demonetization late last year in India the government claims to have uncovered 5.56 lakh such individuals whose income tax profile were inconsistent compared to cash deposits.

Some 1.04 lakh other persons have come to notice who had not disclosed all their bank accounts earlier and about 17.92 people have been identified for e-verification of large cash deposits.

The Central Board of Direct Taxes released a statement on Saturday carrying information to individuals to vied the information in the Cash Transaction 2016 section.

Indian Demonetization Questionmarks Many Taxpayers Who Deposited Large Cash

Those who has been named need to submit online explanation without visiting the Income Tax office. The individuals will also be informed through SMS and email.

The statement adds such identified individuals need to provide details of deposits which were over Rs 2 lakh during the demonetization period following November 8.

The department said, “Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.”

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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