The Hindu Business Line

I-T Dept moves to col­lect data on cash de­posits dur­ing De­Mon

Cre­ates 17-point check­list to de­tect black money


The I-T De­part­ment has spread its net wide and deep for catch­ing those who have de­posited un­ac­counted cash dur­ing de­mon­eti­sa­tion. In the lat­est di­rec­tive to the of­fi­cers, a 17-point check­list has been cre­ated, which has to be up­dated on a server for fur­ther ac­tion.

The di­rec­tive, which was is­sued on Fri­day is the ninth com­mu­ni­ca­tion is­sued by the Fi­nance Min­istry through the Cen­tral Board Di­rect Taxes (CBDT).

A se­nior I-T of­fi­cer told Busi­nessLine that till date three Stan­dard Op­er­at­ing Pro­ce­dures, one FAQ and four other let­ters have al­ready been is­sued but an exhaustive check­list, di­rect­ing seven of the 17 tasks to be di­vided into fur­ther smaller tasks is un­prece­dented in the de­mon­eti­sa­tion cases. Up­load­ing the check­list to a cen­tral server shows the mi­cro­man­age­ment, which is be­ing ex­er­cised from New Delhi.

A copy of the check­list, which has been re­viewed by the Busi­nessLine, seeks to col­lect de­tails on whether the cash de­posited in banks by the tax­payer be­tween Novem­ber 9 and De­cem­ber 31, 2016, has been dis­puted by the tax­man. The per­cent­age of cash de­posited to the gross to­tal in­come, which in­cludes ex­emp­tion in­come has also been sought.

In case of non-busi­ness tax as­sessees, the nature cash de­posit, whether it was re­pay­ment of a loan amount, gift, sale or ad­vance for sale of land has to be men­tioned in the check­list, which is to be ‘tick­marked’ by the As­sess­ing Of­fi­cer. Through the check­list, the CBDT seeks to know the quantum of ac­counted and un­ac­counted cash de­posited by the as­sessees. It also wants to know, the nature of ex­pla­na­tion pro­vided by the as­sessees to the I-T of­fi­cers for the cash de­posits.

For banks, the de­tails are fur­ther drilled down, which in­cludes to­tal cash de­posits in Fis­cal 2015-16 and 2016-17. Data on to­tal cash de­posited in the de­mon­eti­sa­tion time win­dow (Novem­ber 9 and De­cem­ber 31, 2016) and the com­pa­ra­ble pe­riod in the pre­vi­ous year will be sought.

The I-T of­fi­cer added that the vo­lu­mi­nous data be­ing up­loaded in the servers will en­able the CBDT to un­der­stand the nature of black money gen­er­ated in the coun­try. It is also an ef­fort of the Modi gov­ern­ment to show that de­mon­eti­sa­tion was a suc­cess based on tax de­mand raised on those who had hoarded black money.

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