Nearly 9 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 tax amnesty scheme ends on March 31.
Under ‘Operation Clean Money’, the I-T department had sent SMS and e-mails to 18 lakh people, who according to its data analysis had made suspicious deposits of over Rs 5 lakh during the 50-day window provided to get rid of old 500 and 1,000 rupee notes following the demonetisation decision announced on November 8. They were asked to clarify on the deposits and their source by February 15.
Sources in the government said those who did not reply must have “good legal explanation” for their cash deposits and may have chosen to show them in tax returns.
But a mere showing the same in income tax returns is not sufficient as any abnormal rise in income for 2016-17 over previous years will be considered as unaccounted wealth or blackmoney and treated as per law.
Since Pradhan Mantri Garib Kalyan Yojana (PMGKY) runs till March 31, action against any depositor can be taken only after the scheme closes as the depositor may choose to disclose the wealth and pay taxes.
