Rs 4 lakh crore deposits suspect |
Based on initial estimates that as much as Rs 4 lakh crore of undisclosed funds may have flown into bank accounts post-demonetisation in India , the tax department is gearing up to serve notices on those who cannot explain the source of the money.Data with the income tax department shows that till December 17, cash deposits of Rs 80 lakh or more added up to nearly Rs 4 lakh crore, which flowed into 1.14 lakh bank accounts. Tax department officials suspect that a large chunk of this amount could have come from those who dodged taxes. An exercise is on to verify the genuineness of the deposits and tally them with tax returns, with officials saying there was no way genuine taxpayers would keep hoards of cash at home. The income tax department has already served around 5,000 notices to those who have deposited unusually large amounts of cash in banks.
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