New Agency To Probe Anomalies In Income Tax Returns Filed After Demonetisation
The agency will probe discrepancies in income tax returns filed by 18 lakh people after the note ban.
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 of Agriculture Radha Mohan Singh said on Wednesday.
He said Rs 15 lakh crore have been deposited in banks after demonetisation.
"As many as 18 lakh people have filed income tax (IT) returns showing their income as Rs 12 lakh but have deposited Rs 1.25 crore in banks ... there is a move to set up a new agency for probing it," Singh told reporters.
The minister warned that all those possessing black money will be taken to task.
On the 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.
The IT department has identified 18 lakh 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 Rs 5 lakh and suspicious deposits between Rs 3 lakh and Rs 5 lakh.