There is a move to set up a new agency for investigating anomalies in Income Tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday.
He said post demonetisation, ₹15 lakh crore had been deposited in banks.
“As many as 18 lakh people have filed Income Tax returns, showing their income as ₹12 lakh but have deposited ₹1.25 crore in banks ... there is a move to set up a new agency for probing it,” Mr. Singh told newspersons here.
Warns of action
The Agriculture Minister warned that all those possessing black money would be taken to task.
On the black money issue, he said be it Mayawati or Congress president Sonia Gandhi’s son-in-law Robert Vadra, no one would be spared if found guilty.
The Income Tax department has identified 1.8 million people whose cash deposits after demonetisation do not match their taxpayer profiles and has asked them to answer queries about the source of income for these cash deposits.
The exercise is part of the tax department’s efforts to reconcile demonetisation-related data at its disposal and look for instances of tax evasion.
In the initial phase, the tax department is scrutinising cash deposits above ₹5 lakh and suspicious deposits between ₹3 lakh and ₹5 lakh.
