Government extends reply date for IT queries on deposits till February 15
8 years, 1 month ago

Government extends reply date for IT queries on deposits till February 15

India TV News  

The government of India today extended the time limit for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15. Now you can file your details by February 15, 2017, #Operation Clean Money," the I-T department said in a tweet. On January 31, the tax department had launched 'Operation Clean Money' under which it had sent SMS and e-mails to 18 lakh assessees in the initial phase for suspicious cash deposits of Rs 5 lakh and above made during November 9-December 30, 2016. It has matched the cash deposit data with the profile of the assessee and in case of a mismatch, the department sent out SMS and e-mails.

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History of this topic

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT
11 months, 4 weeks ago

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT

Live Law  

While deleting the addition made by the AO u/s 68 of the Income Tax Act, the Indore ITAT held that once the cash sales and availability of the cash with the assessee is duly supported by the books of account of the assessee, then making deposit at one go in the circumstances after declaration of demonetization cannot be a reason …

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors
7 years, 4 months ago

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

Op India  

While blind critics like Mr Vinod Dua may be crying hoarse in video after video, that demonetization has failed, black money got converted into white, the Income Tax Department has not let its gaze move away from the target. Last week we had reported how the IT Department had issued detailed guidelines to tax officers, which are to be considered …

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban
7 years, 4 months ago

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

India TV News  

The Income Tax Department is set to issue notices to about 100,000 entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for a detailed probe into suspected discrepancies, official sources said on Tuesday. In the first tranche, notices will be issued to 70,000 entities who deposited over Rs 50 lakh in …

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns
7 years, 11 months ago

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns

Firstpost  

The changes made in ITR are an attempt to catch tax evaders, an official said. New Delhi: All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. Besides providing for declaring income, exemption claimed and tax …

New ITR forms to seek details on cash deposits during demonetisation
8 years ago

New ITR forms to seek details on cash deposits during demonetisation

Live Mint  

New Delhi: The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be introduced in salaried individuals’ income tax returns form, …

New agency to probe anomalies in Income Tax returns filed post demonetisation
8 years, 1 month ago

New agency to probe anomalies in Income Tax returns filed post demonetisation

The Hindu  

There is a move to set up an agency to investigate anomalies in income tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday. Post demonetisation, ₹15 lakh crore was deposited in banks, he said. “As many as 18 lakh people have filed income tax returns showing their income as ₹12 lakh but …

Operation clean money: I-T department places nine lakh accounts under 'doubtful' category
8 years, 1 month ago

Operation clean money: I-T department places nine lakh accounts under 'doubtful' category

Firstpost  

As many as 5.27 lakh assessees, out of 18 lakh who were sent SMS and e-mails, had submitted their response till 12 February New Delhi: Nearly half of the 18 lakh people under the I-T scanner for suspicious bank deposits post cash ban have been put in the ‘doubtful’ category, but action against them will follow only after the new …

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh
8 years, 1 month ago

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh

Firstpost  

The department has accumulated a large data on deposits made in banks after the government banned old Rs 500 and Rs 1000 notes on November 8 The Income Tax department has said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. The …

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T
8 years, 1 month ago

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T

India TV News  

Providing clarity on scrutiny of deposits made in banks post demonetisation, the Central Board of Direct Taxes on Monday said that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the Income Tax Department has segregated different kinds …

Post-note ban, 18 lakh depositors under Income Tax scanner
8 years, 1 month ago

Post-note ban, 18 lakh depositors under Income Tax scanner

Deccan Chronicle  

Thane: As much as 16.51 per cent cash deposits out of the total 1.09 crore deposits made across the country during the demonetisation period were now under the scanner of Income Tax department, officials said on Wednesday. Addressing a press meet in Thane, Principal Commissioners of I-T, Thane, Sri Krishna and Pramod Kumar said notices were being sent to 18 …

The Tax Department’s squeeze after Demonetisation is here: Watch out
8 years, 1 month ago

The Tax Department’s squeeze after Demonetisation is here: Watch out

Op India  

In early December 2016, we had published this report titled “THIS is why so many money launderers are getting caught. The Ministry explained that data analytics has been used for comparing the demonetisation data with information in Income Tax Department databases. The Ministry further informed that in only the “first batch”, about 18 lakh persons have been identified in whose …

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks
8 years, 2 months ago

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks

India TV News  

In yet another measure related to the recent demonetisation, the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills. In a January 17 notification, the Central Board of Direct Taxes made it mandatory for a banking company …

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban
8 years, 2 months ago

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

Firstpost  

“We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded. More than Rs …

Tax department asks banks to report pre-demonetisation cash deposits
8 years, 2 months ago

Tax department asks banks to report pre-demonetisation cash deposits

Live Mint  

New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016. Besides, banks have also been directed to ask the account holders, who did not furnished PAN or Form-60 at the time of opening bank account, to …

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report
8 years, 3 months ago

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report

India TV News  

In another firm step against black money hoarders, the Income Tax Department, based on estimates that unaccounted money worth Rs 4 lakh crore may have flown into bank accounts post demonetisation, is gearing up to serve notices to those who cannot explain the source of the money. According to a Times of India report, the data accumulated by the I-T …

New income tax rules to curb unaccounted cash
8 years, 4 months ago

New income tax rules to curb unaccounted cash

Live Mint  

In order to track the unaccounted money making its way into bank and post office accounts post demonetisation, the Central Board of Direct Taxes has amended certain income tax rules. Now, cash deposits in bank and post office accounts above a certain limit—between 9 November and 30 December 2016—will get reported to the income tax department. “114E has been amended …

Demonetisation: Accounts with high deposits on I-T radar; Rs 15 cr seized in raids
8 years, 4 months ago

Demonetisation: Accounts with high deposits on I-T radar; Rs 15 cr seized in raids

Hindustan Times  

After the demonetisation move, the income tax department started tightening the screws around bank accounts with high deposits, and intensified its drive to trace unaccounted cash stashed in scrapped `500 and `1000 notes, seizing `15 crore so far in the state. West Singhbhum police will hand over the seized `20 lakh to us tomorrow, and we will summon the arrested …

Modi govt steps up scrutiny of cash deposits in black money fight
8 years, 4 months ago

Modi govt steps up scrutiny of cash deposits in black money fight

Live Mint  

New Delhi: Even as the Narendra Modi government battles the opposition both inside and outside Parliament over demonetisation of high-value bank notes, it is stepping up scrutiny to prevent people from converting black money into legal tender. The income-tax department has made it mandatory to link the permanent account number to cash deposits of a certain value and lowered the …

Banks to report deposits over Rs 2.5 lakh in 50-day window
8 years, 4 months ago

Banks to report deposits over Rs 2.5 lakh in 50-day window

New Indian Express  

NEW DELHI: Moving quickly to plug loopholes, the Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct 500 and 1000 rupee notes. But in view of apprehensions that a large number of illegal or black money may sought to be converted into white during the …

E-filing of I-T returns crosses one-crore mark
11 years, 7 months ago

E-filing of I-T returns crosses one-crore mark

India TV News  

New Delhi, Aug 4: The e-filing of income tax returns has crossed the one crore mark with the maximum of such filings done by the salaried class of taxpayers. In a latest data released by the Central Processing Centre of the I-T department based in Bangalore, a total of 1,03,21,775 e-returns were filed by taxpayers till July 31, which is …

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