Deposit Fearless Till 2.5 Lakhs: Accounts With No ITR Will Be Probe


Yesterday, the income tax department alleged that no questions will be raised regarding deposits of up to Rs 2.5 lakhs and simply those will be investigated whose deposits do not contest their returns. Mr. Sushil Chandra, chairman of Central Board of Direct Taxes alleged at the seminar at Cll post budget seminar that ‘There is no need to fear for any genuine people’.

Using Big Data analytics the income tax department has isolated the diverse type of deposits and huge ones like additional than Rs 1 crore that does not contest with income tax returns filed in prior years will be taken for ‘layer enforcement’.  Mr. Sushil Said that the department has mounted up a large data on deposits made in banks after the government banned old notes of 500 and 1000 on 8th November. He also added that ‘we found the data i.e. deposits between Rs 2 lakh and Rs 80 lakhs and above as Prime Minister has clearly alleged that deposits up to 2.5 lakhs Rs and so we have put that data aside at the moment’.

The IT department has utilized its bank to sprint all deposits beyond Rs 5 lakh made for the duration of the 50-day porthole afforded post demonetisation to get purge of junked notes. Mr. Sushil also alleged by giving examples that deposits of Rs 3 lakh are acceptable if an individual has an annual taxable income of Rs 10 lakh and the IT department will not contact him. Significantly, if companies illustrate cash in hand in the balance sheet of Rs 10 lakh and have placed Rs 5 lakh, the IT department will not examine those.

As per the wordings of Mr. Sushil ‘But if you have deposited Rs 5 lakh and you have not filed the return of last three years that I should touch for investigation ‘.  He added ‘similarly if you file income tax return of Rs 2.5 lakh income but you deposit Rs 10 lakh in different bank accounts, I should enquire about it’. Even those clarifications can be given all the way through the tax department’s website. He said that ‘this will also be analysed with data and then it will be closed’.

Mr. Sushil  also alleged that ‘ Only where it is absolutely not matching, action will be taken, and if it is not matching with ITR filed then all honest taxpayers will agree that the man should be taken for layer enforcement’. Mr. Chandra said that persons with unaccounted deposits have an alternative of availing of the innovative tax amnesty scheme, PMGKY and deposit 50 percent tax. He said action is obligatory adjacent to all individuals who distorted the transom given to people to deposit their investment of old note of 500 and 1000. He said that ‘ Our approach is very clear cut as very low rate please come to pay tax, we will persuade through SMS, pay your taxes. If not, something more is needed’.

On the user boundary specified on the income tax e-filing website to confirm deposits and offer illumination, he said by now 2 lakh people have logged in on it. The CSDT has sent SMS and emails to 18 lakh people who have completed mistrustful deposits over 5 lakh throughout the 50-day demonetization epoch. Mr.  Chandra added that ‘they are giving their responses. After seeing their responses we will match with our data bank and then send notice. The notice would not be statutory notice as we will give them another chance by asking them to clarify. If they still do not reply then we will think about how to take the investigation forward. We want to be non-intrusive’.


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