Demonetisation: income tax evasion suspected in Rs3-4 lakh crore deposits

Income tax department has been asked to scrutinise details and send notices to depositors of Rs3-4 lakh crore on which tax could have been evaded


A senior official said income tax department has been asked to scrutinise details and send notices to depositors of Rs3-4 lakh crore on which tax could have been evaded. Photo: PTI
A senior official said income tax department has been asked to scrutinise details and send notices to depositors of Rs3-4 lakh crore on which tax could have been evaded. Photo: PTI

New Delhi: As it analyses bank deposits post- demonetisation, the government has found that an estimated Rs3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs500 and Rs1,000 notes.

A senior official said income tax department has been asked to scrutinise details and send notices to depositors of Rs3-4 lakh crore on which tax could have been evaded.

“We now have trunkloads of data, analysis of which shows that more than Rs2 lakh was deposited in 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 Rs10,700 crore cash was deposited in different accounts in the North Eastern states since 9 November, he said adding the income tax department and the enforcement directorate are looking into over Rs16,000 crore deposited in different accounts of cooperative banks.

Also, it has come to light that Rs25,000 crore cash was deposited in dormant bank accounts while nearly Rs80,000 crore of repayment of loans was done in cash since 8 November 2016 when the government demonetised old Rs500 and Rs1,000 notes.

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

“Starting from 8 November 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.

After in-depth analysis, these reports have been disseminated to income tax department, the enforcement directorate (ED) and other law enforcement agencies.

Of the 60 lakh bank accounts that saw more than Rs2 lakh of cash deposits, more than 6.80 lakh accounts have found matches in the existing database of various reports available with the government.

“These have been flagged while disseminating to I-T Department,” he said adding the details of cash deposits totalling to more than Rs10,700 crore in different accounts in the North-Eastern states have also been disseminated. Also, I-T department and ED have been provided with the details of cash deposits of more than Rs 16,000 crore in different accounts of various kinds of Cooperative banks. The deposits of more than Rs13,000 crore in Regional Rural Banks have also been disseminated.

Besides, “cash deposits in terrorist affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases,” he said.

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