Crore Each Under Scanner: Tax Department

Crore Each Under Scanner: Tax Department

Crore Each Under Scanner: Tax Department

The income tax department has put almost 14,000 property transactions+ of over Rs 1 crore under the scanner, and these include those by people who haven't even filed I-T returns+.

Taking into consideraton, the value of specified bank notes now reported to have been counted approximately 98.96% of SBNs in value terms - have been deposited to the RBI post demonetisation.

The RBI said that over Rs 15 lakh crore scrapped currency came back into the banking system after demonetisation on which the government said that a "significant portion" of it could be black money.

"The objective of note ban was to bring down cash in the economy, bring digitization, expand tax base, and fight black money", the finance minister said. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI (M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum.

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Former RBI deputy governor R. Gandhi is of the view that demonetisation will have a long-term impact, saying expectations of various quarters that sizeable portion of the demonetised currency will not return have not been fulfilled.

Jaitley said, "Nearly how much money comes back to the system and how much does not, that was never the real object of demonetisation".

The department said the number of e-returns of individual taxpayers filed till due date of August 5, 2017 increased to 2.79 crore from 2.22 crore returns filed during the corresponding period of previous year.

In the first phase of OCM, 18 lakh suspect cases were identified through use of data analytics where cash transactions did not appear to be in line with the tax profile of depositors.

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Collection of Advance Tax under Personal Income Tax between April - August 05, 2017 showed a growth of about 41.79% over the corresponding period in FY17.

In a statement, the finance ministry said on Wednesday that the effective currency in circulation today is only 83 per cent with full remonetisation having taken place.

Furthermore, About 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.

The government has already identified more than 37,000 shell companies which were engaged in hiding black money and hawala transactions. "That is 1%. Shame on RBI which "recommended" demonetisation".

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The Income Tax department on Thursday said that cash deposits of Rs 2.89 lakh crore in 13.33 lakh accounts is under its radar.

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