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Tax evasion signs in Rs 3-4 lakh crore deposits

New Delhi, Jan. 10 (PTI): Tax-evaded income of Rs 3-4 lakh crore could have been deposited during the 50-day window provided to get rid of junked 1000- and 500- rupee as it analyses bank deposits made after the November 8 demonetisation.

A senior official said the Income Tax Department has been asked to send notices to depositors of Rs 3-4 lakh crore on which tax could have been evaded.

“We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in each of over 60 lakh bank accounts post-demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore,” he said.

More than Rs 10,700 crore cash was deposited in different accounts in the north nastern states since November 9, he said adding the Income Tax Department and the Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.

Also, it has come to light that Rs 25,000 crore cash was deposited in dormant bank accounts while nearly Rs 80,000 crore of repayment of loans was done in cash since November 8.

Holders of the old currency were given an option to exchange or deposit them in bank accounts until December 30.

“Starting from November 8, 2016, various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons. The reports were collated and analysed based on intelligence which has been available in the Government data bases,” the official said.

Of the 60 lakh bank accounts that saw more than Rs 2 lakh of cash deposits, more than 6.80 lakh accounts have found matches in the existing database of various reports available with Government.

The official said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore, are found to have common PAN, mobile number or address. The Income Tax Department would look the same into in detail.

The government analysed the deposits in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and amounts of cash deposited under different threshold in different regions of the country and shared it with I-T department.

“All cash deposits of more than one lakh rupees in cash under PMJDY accounts would also be looked into, based on the intelligence inputs,” he said.

It has come to the notice of the government that more than Rs 25,000 crore have been deposited in cash in re-activated dormant bank accounts and the details have also been shared with the Income Tax department. 


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