Un­de­clared As­sets Over .₹ 50L on CBDT Radar 5 lakh peo­ple to get SMSes & emails to­day seek­ing clar­i­fi­ca­tion; can re­ply on I-T por­tal

The Economic Times - - Economy: Macro, Micro & More - Our Bu­reau

New Delhi: Au­thor­i­ties will scru­ti­nise 10 years of in­come-tax re­turns of only those who are found to be hold­ing un­de­clared wealth or bank de­posits of over .₹ 50 lakh, the Cen­tral Board of Di­rect Taxes chair­man Sushil Chan­dra said.

“This pro­vi­sion is only for those cases where in a search tax au­thor­i­ties find un­de­clared wealth or as­set over .₹ 50 lakh,” Chan­dra said, try­ing to al­lay ap­pre­hen­sions of un­bri­dled pow­ers to tax­men lead­ing to ha­rass­ment of peo­ple.

There are enough checks to en­sure that no ha­rass­ment hap­pens, Chan­dra said. The CBDT, he said, was mov­ing on a fast track to en­sure all un­taxed were brought un­der the tax net as part of Op­er­a­tion Clean Money, or the Swach Dhan Ab­hiyan.

He said the gov­ern­ment had al­ready sent mails and SMSes to13 lakh in­di­vid­u­als from a list of 18 lakh who had de­posited .₹ 4.17 lakh crore in bank de­posits or car­ried out trans­ac­tions not match­ing with their tax pro­file.

“In fact, 5,000 (of those peo­ple) had al­ready re­sponded to the emails till to­day,” he told re­porters on the side­lines of an event or­gan­ised by In­sti­tute of Char­tered Ac­coun­tants of In­dia on Thurs­day.

The rest of the 5 lakh peo­ple would be re­ceiv­ing SMSes and emails on Fri­day seek­ing clar­i­fi­ca­tion. Chan­dra had ear­lier this week stated that10 days would be given to peo­ple to re­ply to the e-com­mu­ni­ca­tion, and replies could be filed by log­ging on to the e-fil­ing por­tal of I-T depart­ment. The CBDT has put up data about de­posits and trans­ac­tions made af­ter the an­nounce­ment of de­mon­eti­sa­tion on a ded­i­cated por­tal that can be ac­cessed by in­di­vid­u­als giv­ing their per­ma­nent ac­count num­ber. Chan­dra said the depart­ment had an­other set of data of about10 lakh in­di­vid­u­als who were iden­ti­fied us­ing data an­a­lyt­ics and tax­payer pro­fil­ing to de­tect po­ten­tial tax eva­sion. It will send no­tices to them soon, he said.

CBDT chief says there are enough checks to en­sure that no ha­rass­ment hap­pens

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