Demonetisation of Rs 500 and Rs 1000 Notes - Income Tax department Issues 5,100 Notices for Suspicious Post-demonetisation Deposits Wednesday March 15,2017
The Income Tax department has issued about 5,100 notices for high-value suspicious deposits post demonetisation and people have admitted to undisclosed income of over Rs 5,400 crore, Parliament was informed on Wednesday March 15,2017
The department has conducted more than 1,100 search and survey operations and issued about 5,100 notices for verification of suspicious transactions of high-value cash deposits, Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Rajya Sabha.
"These actions led to seizure of valuables of more than Rs 610 crore which includes cash of Rs 513 crore and admission of undisclosed income of more than Rs 5,400 crore till January 10, 2017," he said. The department has identified 17.92 lakh individuals whose tax profiles were not in line with the cash deposits made by them during the 50-day demonetisation window that ended on December 30, 2016. As part of the initial phase, it had sought online response on source of cash deposits made by these people