Ig­nored I-T Dept’s Email? Ex­pect Visit from Tax­men

Of­fi­cials may is­sue no­tices, carry out sur­veys in some big cases where no re­sponse has come

The Economic Times - - Economy: Macro, Micro & More - Deepshikha.Sikar­war @times­group.com

New Delhi: In­come Tax of­fi­cials could soon be at your doorstep if you have de­posited a huge amount dur­ing the note-swap­ping ex­er­cise last year, and have not yet ex­plained the source of the cash.

“We have tried to keep the ex­er­cise non-in­tru­sive. But if peo­ple have not come for­ward, then some kind of ver­i­fi­ca­tion is needed es­pe­cially in cases that in­volve de­posits of large sums,” a se­nior in­come-tax de­part­ment of­fi­cial told ET.

Un­der the ‘Op­er­a­tion Clean Money’, the I-T de­part­ment had sent out SMSes and e-mails to about 18 lakh peo­ple who de­posited over ₹ 5 lakh each dur­ing the 50-day win­dow from Novem­ber 10 to De­cem­ber 30, be­cause the de­sposits did not tally with their in­come.

The de­pos­i­tors were asked by the I-T de­part­ment to ex­plain the source of the money by logging in to its por­tal. By Fe­bru­ary 15, about 7.3 lakh peo­ple re­sponded to the emails and ex-

plained their de­posits.

Ac­cord­ing to the of­fi­cial, the de­part­ment is now con­tem­plat­ing is­su­ing no­tices or car­ry­ing out sur­veys in cases where no re­sponse has come or the replies are un­sat­is­fac­tory. “In cases where re­sponses are not sat­is­fac­tory, no­tices would be is­sued. In some ca-

ses where big sums are in­volved and re­sponse is not sat­is­fac­tory, sur­veys could be car­ried out,” the of­fi­cial said, adding that peo­ple could be also asked to come to in­come-tax of­fices or tax of­fi­cers may pay them a visit.

Peo­ple with un­ex­plained de­posits dur­ing the de­mon­eti­sa­tion pe­riod have the op­por­tu­nity to avail the Prad­han Mantri Garib Kalyan Yo­jana (PMGKY) by pay­ing 50% tax and de­posit­ing 25% in non-in­ter­est bear­ing scheme for four years.

TIME FOR SCRU­TINY

In­ci­den­tally, the I-T de­part­ment is soon ex­pected to send out the next batch of emails and SMSes, be­gin­ning the part two of the 'Op­er­a­tion Clean Money', which will tar­get sus­pi­cious de­posits below ₹ 5 lakh iden­ti­fied through data an­a­lyt­ics. The de­part­ment is ex­am­in­ing the voluminous data re­ceived from banks on de­posits made dur­ing the 50-day pe­riod. It is also hir­ing ex­ter­nal ex­perts to work on the data to iden­tify split­ting of de­posits or use of other means to evade no­tice.

Tax dept is ex­am­in­ing voluminous data re­ceived from banks on de­posits be­tween Nov 10 and Dec 30

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