Massive Tax-evasion: The post demonetisation scrutiny by the government has revealed that the there has been massive tax evasion as a tax could have been deposited on Rs 3 to 4 lakh crore that has been evaded from tax filings.
Massive Tax-evasion surfaced post-demonetisation
“We now have truckloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore”, a senior official said.
It has also been said that Rs 25000 lakh crore was deposited in dormant bank accounts that had not been active for quite a few years.
“Starting from November 8, 2016, various reports were called for from the banks based on a 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 databases…These have been flagged while disseminating to I-T department“, the official said.
He added – “Cash deposits in the terrorist affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases.”
“All cash deposits of more than one lakh rupees in cash under PMJDY accounts would also be looked into, based on the intelligence inputs.”
The official said that the income tax department has taken numerous actions both ‘intrusive and non-intrusive’ and many of the cases have also been referred to ED and the Central Bureau of Investigation. Huge amounts of unaccounted money and ‘unearthed non-filers’ have come to the forefront after the intensive investigation by the department.
The department has already started taking action against the account-holders who have made deposits exceeding Rs 50000 without PAN.
