New Delhi: The government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes.
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.
The official said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore, are found to have common PAN, mobile number or address. The same would be looked into in detail by the Income-Tax Department.
More than Rs 10,700 cr cash deposited in different bank accounts in North Eastern states since November 9, the official added.
The I-T department and Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks. The deposits of more than Rs 13,000 crore in Regional Rural Banks have also been disseminated. Nearly Rs 80,000 cr of repayment of loans done in cash post demonetisation.
“Starting from November 8, 2016 various reports were called for from the banks based on 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 data bases,” the official said.
So far, Rs 25,000 crore have been deposited in cash in dormant bank accounts post demonetisation.
The 50-day deadline to deposit the junked Rs 500/1,000 notes in banks came to an end on December 31.
People still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30.
Prime Minister Narendra Modi in a surprise announcement on November 8 declared the Rs 500 and 1,000 notes invalid.